Published on May 28th, 2015 |6
22-story condo to replace 1955 condo at 2520 Peachtree Road
If JPX gets the zoning changes it wants for the property at the Zoning Review Board meeting June 11, it could lead to development of the largest condo building proposed since the market recovery started.
The 1.8-acre site is virtually next door to the large 2500 Peachtree condo building and just north of the intersection of Lindbergh Drive with Peachtree Road and the Peachtree Battle Shopping Center.
JPX Works, a private company founded in Atlanta in 2012, filed plans with the city of Atlanta to rezone the site from RG-4-C (Residential General-Sector 4-Conditional) District to the RG-4-C (Residential General-Sector 4-Conditional). The owner of the property is listed as 2520 Peachtree Road Condominium Association.
Although the rezoning application was on the agenda for the June 2 board meeting of Neighborhood Planning Unit-B, Bill Murray, chair of the NPU’s Zoning Committee, told BuckheadView that it had been deferred.
Murray said JPX is meeting with the Peachtree Heights West neighborhood at present and has not been before the NPU-B Zoning Committee regarding the rezoning application. Murray further said he is not sure there is a need for the new owners to come before the committee.
Murray said he does not believe any variances or change in zoning is necessary for the development that is planned. Although what is on the property
at present is only a one-story condo building, all that property along Peachtree Road is zoned for much taller and denser development.
Murray said the only reason he can see for a zoning review would involve an action taken several years ago that combined two lots and now the owner of the corner lot did not want to sell, so the lots will have to be separated again.
He said if there is a need for JPX to come before the NPU-B Zoning Committee, it would not happen until that committee’s July meeting at the earliest and probably not before August. The NPU’s Zoning Committee meets the last Tuesday of every month.
In recent years, JPX, an urban-infill developer established by Jarel Portman and Bruce Fernald, has been best known for its project Inman Quarter. It developed the nearly $50 million project in a joint venture with South City Partners LLC and Boston-based ELV Associates Inc.
Jarel Portman is the youngest of famed Atlanta architect/developer John Portman’s six children. In 2012, he left Los Angeles and moved back to his home turf of Atlanta to found JPX Works. The company name is an acronym: Jarel’s initials plus an X for good measure.
Portman’s partner in JPX, Bruce C. Fernald, has a three decade career in various roles and with several large players in the real estate industry, including senior management roles in the real estate investment management and capital markets sectors, complimented by entrepreneurial experience as a development-stage principal and advisor.