Real Estate News This is a photo of the present 47-unit, condo building that was built on the Peachtreer Road  site in 1955.

Published on May 28th, 2015 |

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22-story condo to replace 1955 condo at 2520 Peachtree Road

Atlanta developer JPX Works, LLC plans to redevelop an aging 47-unit condo building at 2520 Peachtree Road NW which was built in 1955, replacing it with a nearly 130,000-square-foot, 22-story condo building, with up to 100 units.

This is a photo of the present 47-unit, one-story condo building that was built on the site in 1955.

This is a photo of the present 47-unit, one-story condo building that was built on the site in 1955.

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.

The site for the condo redevelopment is right next door to the 2500 Peachtree Road high-rise condo building.

The site for the condo redevelopment is right next door to the 2500 Peachtree Road high-rise condo building.

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.

The entrance to the present 2520 Peachtree condo building, which was built in 1955.

The entrance to the present 2520 Peachtree condo building, which was built in 1955.

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.

Jarel Portman

Jarel Portman

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.

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    6 Responses to 22-story condo to replace 1955 condo at 2520 Peachtree Road

    1. Patrick says:

      So what would happen to the existing owners that live there?

      Can they be forced to sell their condo?

      Would they be guaranteed a condo in the new building?

      • John Schaffner says:

        Don’t yet know the answers to your questions but hope to if and when the new owners of the property respond to our requests for information.

    2. Anonymous says:

      The building is actually three stories, one below grade. If history serves, a few of the people who own individual units there will end up killing this deal just like last time. In the previous deal the 47 units were assembled and brought to market as a whole. Each owner set their price – some reasonable and others just completely off their rockers as to what they thought their unit was worth. Others flat out refused to sell. Maybe now they realize this is the only way out of a deteriorating (but architecturally cool) building.

      • Robert says:

        I’m guessing the developers are still in their due dilligence period. Depending on how the talks with the NPU, surrounding properties and the City go and if they get approved, then they will proceed with the purchase. Some sort of assemblage would be required meaning each property owner would need to be bought out. Hopefully, they get good deals and the bulk of the residents do not get screwed by a greedy few. I live in a mid-rise condo in Buckhead and we had a similar deal a few years back which was fair to extremely generous depending on when you bought into the building. A few greedy know it alls insisted they would hold out because they were certain they could get more once Streets of Buckhead was built. Now just about everyone in our building is upside-down. Good times.

    3. Pingback: 22-Story Buckhead Condo Project Rezoning Approved | Condominium

    4. Pingback: ICYMI: Buckhead Condo Tower Rezoning Approved | Condominium

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