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ATLANTA-Work has started to convert the historic Troy-Peerless building on Glen Iris Drive into 32 condominium loft units. The project is being developed by Miller Gallman Developers LLC.

Miller Gallman Developers principal Jerry Miller tells GlobeSt.com that the project cost is $2.5 million and the project has an estimated sell-out of approximately $7 million. The first tenants are expected to move into the building in May.

The Atlanta Loft Co., a subsidiary of Miller Gallman, is handling the marketing and sales of the units. Units will range in size from 500 sf to 2,000 sf and will range in price from $129,000 to $399,000. Ten of the units have already been sold. Each unit will feature a unique floor plan, build-out and amenities. Units will have exposed brick, metal truss ceilings and 30-light metal pivot industrial windows throughout the building.

The Troy-Peerless building, which has been listed on the National Register of Historic Places since 1999, was designed by architect Isaac Moscowitz. Construction of the building was completed in 1929. The building operated as a laundry until the late 1960s when Sears purchased it to use as a millwork facility. From the time Sears discontinued operations, it sat empty until 1996 when Miller Gallman purchased the property and converted it into apartments.

Miller says that Miller Gallman has developed $50 million in condominiums in the area surrounding the Troy-Peerless building. “With all the product we’ve built in this area, it made sense to convert this building into condominiums,” Miller says.

The project is located in area with close proximity to shopping, parks, major interstates and the redevelopment of City Hall East and the Atlanta BeltLine. “There has been rapid gentrification in this area,” Miller says.

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