Published on August 25th, 2016 |0
2-acre Peachtree/Roxboro corner site assembled for sale at $27-$30 million
marketed for $27 million to $30 million, according to the Atlanta Business Chronicle.
The three parcels that make up the 2-acre assemblage at the southeast corner of Peachtree and Roxboro roads, with street addresses of 3639 and 3645 Peachtree Road and 3607 Roxboro Road, are now occupied by a small BP gas station and two other small buildings.
“I expect the Peachtree-Roxboro assemblage to sell in a range of $27 million to $30 million,” said Steve A. Massell, the broker who assembled the property and son of former Atlanta Mayor Sam Massell, who is the president of the Buckhead Coalition.
“What leads me to believe that the property will sell is the keen interest from not only local developers but out-of-state and international developers who recognize this is a legacy corner in Buckhead,” Massell told the Atlanta Business Chronicle.
The property was put on the market this month. “The market has responded favorably to the opportunity,” Massell told the ABC, “Especially if it can get zoned appropriately.” It’s currently zoned for residential and commercial and Massell said he has not begun to seek new zoning.
The property is a short distance north of Phipps Plaza and Lenox Square malls. The northwest corner across Peachtree Road from the assemblage is occupied by the 425,000-square-foot class A
office tower 3630 Peachtree and The Ritz Carlton Residences condos.
A similar but not so massive mixed-use development combining office and luxury residential “would be an ideal development” for the assemblage, Massell said. “There have been some luxury hotel brands looking at the site who are not here (in Atlanta) currently,” he said. “So it could be a luxury hotel with residential as part of that.”
There is also a great deal of interest in the site from active senior-living developers, Massell told the Business Chronicle. The many Buckhead area seniors who are downsizing or looking for an easier lifestyle “could possibly sway a developer of active seniors concepts,” he said. “It’s one of the few signalized corners of that size that are primed for redevelopment.”
Massell began putting together the assemblage eight months ago, at the beginning of the year. There are 39 landowners involved, he said. “I’m sure I will sell this, and I think I’ll get my price,” Massell said. To see a video of the assemblage, click here.