By John Schaffner
Atlanta condo and hotel developer Novare Group has sold 1.1 acres of developed property at the southeast corner of Peachtree and Pharr roads for $11.25 million, as forecast in the Aug. 8-21 Buckhead Reporter, to Mainboard Equity President Dion Meltzer and Alan and Mel Dobrin of Butler Tire.
The property, across Pharr Road from The Streets of Buckhead, contains a 38-year-old, 29,000-square-foot retail building, which has the Aaron Brothers Art & Framing business with three years remaining on its lease.
Meltzer said in August that the lease would allow him to see how The Streets of Buckhead develops, but he thought the site would be good location for a boutique hotel with luxury retail on the ground floor.
With the exception of this corner lot and a small strip that includes Fitness Resource’s building and the ABRA auto body shop, Novare still owns most of the properties along Peachtree from Pharr Road to Peachtree Avenue and east to the Fish Market along Pharr Road.
Meltzer also recently bought 2 acres farther east on Pharr Road for $14.7 million from Charles and Robin Loudermilk.