By John Schaffner
Another new high-rise, 20-story residential tower is under construction on Peachtree in Buckhead—just steps from the main crossroads of Peachtree and Piedmont roads—but this is not another condominium development. This is a luxury rental apartment development
Buckhead-based Coro Realty Advisors, LLC, on behalf of its client, JH Holdings, Inc., is developing the tower as part of the redevelopment of the 14-acre Buckhead Place site into a mixed-use complex.
Designed by Atlanta-based Ai Group, the tower will be the premier luxury high-rise community built exclusively for lease in Buckhead and will consist of 155 luxury rental residences in addition to 9,100 square feet of commercial space. It is rumored to be a $55 million project.
“Buckhead Place is destined to become a dynamic urban mixed-use development that exemplifies the evolution of the area as one of the most desirable addresses in Atlanta,” said John Lundeen, president of Coro Realty Advisors. “The development activity along the Peachtree-Piedmont corridor beckons for a luxury community. And Buckhead Place will provide the options and flexibility of leasing with close proximity to offices, restaurants, shopping and transportation centers.”
When completed in the spring of 2009, the building will have 75 two-bedroom units, ranging in size from 1,435 square feet to 2,708 square feet; 60 one-bedroom units, ranging in size from 837 to 1,154 square feet; 14 studio apartments at 729 square feet, and six three-bedroom units ranging from 2,5554 to 2,879 square feet in size.
The average of all the units throughout the building will be 1,350 square feet, including the balcony. The apartments will have hardwood floors, granite counter tops and high-end appliances.
“This is a luxury building being built for high-end renters who don’t want to buy,” according to Gary Farmer, a Coro vice president of asset management on this project. He said it has been conceived and is being built as an apartment building—what developers today like to refer to as a “lease residential community.”
He said corporate tenants are a potential target market for the project.
At one time, the project was considered as a condominium project, according to Lundeen. However, after considering the number of condo projects either under construction or proposed for the Buckhead market, he said the decision was made to consider a luxury rental apartment building instead, something that was lacking in the area of the crossroads of Buckhead.
He explained that the 155 apartments will be on 17 of the 20 levels of the building, with two levels of office and possibly retail space, and the lobby and the top floor will be the pool amenities level. The building will have a fulltime concierge.
The high-rise apartment tower will connect to the shopping center by a tunnel under the internal street. Farmer said a bridge will be built from the tower to the parking deck of the shopping center where there will be secured parking for those leasing apartments.
The tower’s construction is being managed by Coro Development with Manhattan Construction serving as general contractors for the project.
In 2008, Coro anticipates continuing expansion of the Buckhead Place site with a second phase to include additional retail, restaurants, residential and hotel amenities.
The redevelopment of Buckhead Place began in 1994 with construction of a retail center that now includes Hyatt Place Hotel and Rock Bottom Brewery and Restaurant, as well as retail tenants Marshalls, LA Fitness, Insperience and Priscilla of Boston.
Coro Realty Advisors is considered one of the “quiet” developers in the Atlanta market, not big on staging media events, such as groundbreaking or topping off ceremonies. Lundeen prefers to just identity and purchase strategically located properties and then develop them to their maximum potential based on market needs and demands through development, redevelopment and leasing.
Coro was founded in 1997 and currently oversees a diverse portfolio consisting of over 3 million square feet of commercial space, including retail, office and industrial, and over 1,500 residential units. In addition to this apartment project, Coro presently in Buckhead is also developing the Tremont condominium project at the corner of Roswell and Habersham roads, and is a partner with Novare in the development of the Gallery condominium project at the corner of Peachtree and Rumson roads, across from the Cathedral of St. Philip.
For more information about Coro Realty Advisors, visit www.cororealty.com.