Published on December 4th, 2015 |4
21-story apartment project to replace Grand China, Exxon on Peachtree
The company, which developed the 92 West Paces apartments next to the St. Regis Hotel in the past several years, does not plan to have any one-bedroom apartments in the project and estimated the rental rates would range from $3,800 to $5,800 per month for its units.
Preserve Properties CEO John Draper said the property is designed for higher income residents, many of which do not live in Buckhead all year, but for whom these units would be a second residence.
They said the typical residential floor would have nine apartment units with the penthouse floor only having eight units. Draper indicated the units would be developed so that they could easily be converted to condominiums in the future if the market so demands.
There will not be any ground-level retail space included in the development plans, which were presented to the Development Review Committee of SPI-9 (Special Public Interest district) at its monthly meeting Wednesday, Dec. 2. Draper said retail is not in the company’s business plan.
The 21-story building will have the residential units on top of podium style parking for the first five levels, with the
amenities for the residential tenants being on level 6—including a courtyard, pool deck, social room, a guest suite, fitness center, etc.
The main lobby to the building will be on Peachtree Road, but the architects have created a small motor court under the building along the drive on the south side of the building which comes off of the single planned Peachtree Road curb cut. The main lobby will be 5,100 square feet.
Draper said the plans call for 314 parking spaces for residents, or an average of two spaces per unit. Reese Vanderbilt Associates is the architectural firm for the Preserve development and Keith Vanderbilt of the firm was the principal presenter at the DRC meeting Dec. 2.
Draper, who has been developing properties in Atlanta for about 30 years, said the company hopes to be able to get a permit this month to begin demolition of Grand China restaurant and the Exxon station. Included in that will be the demolition of a billboard on the south end of the property.
He also indicated that the company will be paying to bury underground the utility power lines that presently cross the front of the property. “We wish you would make that a requirement for all of our neighbors (developers),” he told the DRC members.
One of those would likely be Mill Creek Residential, which earlier announced its plans for a massive 22-story multi-use development—with 400 apartment units and
20,000 square-feet of retail space—at the southeast corner of Peachtree and Pharr roads, less than a stone’s throw from the Preserve Properties development.
Mill Creek earlier outlined its plans for the 500,000 square-foot project at Buckhead’s SPI-9 (Special Public Interest district) Development Review Committee meeting, including a request for six zoning variances for the proposed project at 3005 Peachtree Road, across Pharr Road from OliverMcMillan’s Buckhead Atlanta.
Beginning in 2016, the east side of Peachtree Road south of Pharr Road is likely to change dramatically. The forecast is that it will be just the beginning of redevelopment south along Peachtree Road, creating more of an urban environment in years to come.
Between the two properties—the ones under contract by Mill Creek Residential and under contract by Preserve Properties LLC—is a piece of property that has a driveway to an auto repair facility below and behind and a building that houses an exercise equipment retailer.
Reliable sources say that property is owned by Mary Bradshaw and is not part of the negotiations involving either Mill Creek Residential or Preserve Properties LLC. Mary Bradshaw and her brother also own the former Three Dollar Café property across Peachtree Road, but the brother is not a partner in this property on the east side of Peachtree owned by Mary Bradshaw.
Preserve Properties LLC was founded by John Draper, who has spent more than 30 years developing large multifamily projects in Atlanta and the Southeast. Draper founded The Sterling Group in 1984 and developed approximately 3,500 multifamily apartments and condominiums in subsequent years.