Published on June 30th, 2015 |1
Peachtree & Pharr corner under contract for multi-family high-rise
The property, which has been owned by Buckhead real estate executive Dion Meltzer and his company Meltzer Group LLC since 2007, presently is the home of Promove apartment locating service, Sage SA clothing store and a few small tenants on month-to-month leases.
Chad DuBeau, Mill Creek’s senior managing director for North Florida & Atlanta, confirmed that the company has a contract on the property at 3005 Peachtree Road, but told BuckheadView late Monday he could not say much more “because we are in the early evaluation stage of our due diligence.”
No purchase price for the property was available. However, Meltzer told BuckheadView it was worthwhile considering what he paid for the property in 2007, and “after eight years of worrying” about that during the recession period.
“We are excited about the project, but it is just too early to discuss specifics about it,” DuBeau added. He told BucklheadView he was aware the company would have to go through the review process for a Special Administrative Permit (SAP) and would have to present specific plans at that time.
The Buckhead project will be Mill Creek’s third project in the city of Atlanta announced and/or started within about a year.
DuBeau told BuckheadView the company is about to break ground on its high-rise Modera development in Midtown at the intersection of Eighth and
Williams streets, adjacent to the downtown connector. According to DuBeau, that project will be 23 stories tall with 435 apartments and 12,000 square feet ground-floor retail space.
Architectural renderings of the high-rise Midtown Modera show street-fronting retail space at the base of the tower. According to the architects, the apartments will follow the trend of others rising in the area, with boutique amenities such as a rooftop terrace, yoga studio and two pools. It also may have a running track.
When BuckheadView mentioned to DuBeau that the Midtown Modera seemed like it would be a perfect model for the development at Peachtree and Pharr in Buckhead, he chuckled and said, “You can use your imagination if you like.” But he would not confirm or deny it might be similar.
BuckheadView speculates that the Midtown Modera model might well be what Mill Creek is looking to do—or something very similar—on the
1.1-acre Buckhead site, especially since the original rumor was that Mill Creek would develop a high-rise, mixed-use residential project.
However, Neighborhood Planning Unit-B Zoning Committee Chair Bill Murray told BuckheadView Tuesday night that he had heard the new development would be more like Mill Creek’s Modera Morningside development on Piedmont at Cheshire Bridge Road–a low- to mid-rise mixed-use project with apartments and ground-level retail. Murray, a real estate broker, often has advance information on projects such as this in Buckhead.
Denise Starling, executive director of Livable Buckhead and chair of the Development Review Committee of SPI-9 (special public interest district), told BuckheadView no application had yet come to her for committee review, but properties on the south side of Pharr Road that front on Pharr do fall under the committee’s SAP review purview.
Meltzer, managing partner of Buckhead’s the Meltzer Group, LLC, told BuckheadView on Tuesday, “We have had tremendous interest in the property recently from developers. We went with Mill Creek because of the company’s great reputation and credibility.”
Mill Creek is developing the mixed-use low-rise project named Modera Morningside with 300 apartments and 32,000 square feet of retail—including a 27,000-square-foot Sprouts Farmers Market—as part of the Fuqua Development project at the southeast corner of Piedmont and Cheshire Bridge roads.
DuBeau told BuckheadView the company expects to begin delivering homes at Modera Morningside in August or September and expects the Sprouts market to open in January. The development is just south of the Buckhead border.
Mill Creek Residential develops, acquires and operates high-quality apartment communities coast-to-coast. Since its start in 2011, the company has developed more than 15,000 apartment homes across 50-plus communities and acquired more than 2,000 apartment homes in some top national apartment markets.
According to the company’s website, it expects to deliver an additional 5,000-plus apartment in 2015 to its portfolio. Modera Morningside and Modera Midtown projects, total almost 750 of those new apartments and each includes ground-floor retail space. The Buckhead property would put the city of Atlanta’s contribution to Mill Creek’s new apartment total over 1,000.
Mill Creek Residential is also developing properties other metro Atlanta areas, including Sandy Springs and Cobb County through its Atlanta office, located at 3715 Northside Parkway, Building 200, Suite 725, in Buckhead.