Published on August 22nd, 2016 |0
Mill Creek Residential closes $16.6M purchase of Peachtree & Pharr corner
southeast corner of Pharr and Peachtree roads from Buckhead real estate executive Dion Meltzer and his company Meltzer Group LLC.
BuckheadView announced in June 2015 that Mill Creek had under contract the site—presently the home of Promove apartment locating service and a few small tenants on short-term leases—but the purchase of the property did not take place until Monday, according to Meltzer.
On Sept. 2 of last year, Mill Creek showed renderings and site plans for a massive 22-story multi-use development—with 400 apartment units and 20,000 square-feet of retail space—it said it planned to start building in 2016, at the southeast corner of Peachtree and Pharr roads.
Mill Creek 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.
The properties just south of the Mill Creek tract on Peachtree—where Grand China restaurant and the Exxon service station have been located for years—were earlier sold to Preserve Properties LLC for another high-rise luxury apartment complex which is expected to soon begin. (Read earlier report on that property here.)
The single building would be constructed in an H shape to give the visual impression of two towers. It will have two courtyards on either side of the
podium, which includes the 20,000 square feet of retail fronting on Peachtree and wrapping around the corner on Pharr Road, and several levels of the parking deck behind that the front units of residential.
Three levels of parking will be below ground and 70 percent will be either underground or hidden behind the retail and residential. The parking decks will have two access points–one on
Peachtree Road that will be right in/right out only, and one on Pharr off of Pharr Road at the back of the building.
All of the residential would be above the retail level. There will not even be a leasing office or fitness center on the ground floor, only a residential lobby.
The Buckhead project will be Mill Creek’s third project in the city of Atlanta announced and/or started within about a year. The other two are its high-rise Modera development in Midtown at the intersection of Eighth and Williams streets and Modera Morningside, a low- to mid-rise development on Piedmont at Cheshire Bridge Road with apartments and ground-level retail.
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.