A new apartment building could rise behind a massive home furnishings store in Buckhead.
The 20-story project is planned behind the RH Atlanta showroom at the corner of Peachtree Road and Buckhead Avenue, according to plans submitted to Livable Buckhead.
Planners are set to discuss the project at the May 4 meeting of the Buckhead Development Review Committee.
There’s currently a two-story parking deck on the site at 3030 Peachtree Road. It would be demolished to make way for the new tower, according to the plans.
The building would feature 289 rental units, housed on levels 4 to 20. It would have indoor and outdoor amenities on the first three levels, along with 478 parking spaces.
The developer is M Development, according to the plans. New York-based Morris Adjmi Architects is leading the design.
The Buckhead Village has become a hotspot for multifamily development in recent years, said David Kahn, Southeast director of market analytics for CoStar Group. Roughly 3,035 apartment units have delivered within a half-mile radius of the intersection of Peachtree, West Paces Ferry, and Roswell roads since 2015, he said.
“The area combines walkability, abundant retail and restaurants, and a vibrant nightlife, and is also close to all of the office towers in Buckhead’s core along Peachtree Road,” Kahn said.
He added that recent projects such as The Irby and 3005 Buckhead (formerly Modera Buckhead) are commanding rents of about $3 per square foot, “which are some of the highest rents in the Atlanta metro, highlighting that there is strong demand for high-end rentals in that part of Buckhead.”
Average asking rents in Buckhead are now $2,069 per month, according to CoStar. That’s the second-highest in metro Atlanta, behind only Midtown.
RH, the company formerly called Restoration Hardware, had opened the six-story design gallery in 2014. At the time, it was touted as a flagship store for the luxury home retailer.
Across the street is the Buckhead Village development, now owned by Atlanta-based Jamestown, the developer behind Ponce City Market. It includes upscale shops such as Dior and popular restaurants including Shake Shack and Storico Vino.