Published on October 19th, 2016 |0
Permits filed to begin work on 2 new residential high-rises, new food market
The two residential developments are Preserve Properties’ The Sutton apartments at 2965 Peachtree Road and the Loudermilk Cos.’ The Charles condo/retail building at 3107 Peachtree Road. The
market is the new 365 by Whole Foods coming to Paces Ferry Plaza.
With a handful of condominium sales reportedly already in the house, Robin Loudermilk, president and CEO of Loudermilk Cos., “is about to press the accelerator on his Charles condo mixed-use project in the heart of Buckhead,” according to Bisnow.
The firm has filed to begin land development at the Buckhead Village triangle corner across the street from the Buckhead Theatre and Charlie Loudermilk Park, named for his father. Loudermilk Cos plans to develop an 18-story, 213,000-square-foot, 57-unit high-end condo tower with 3,000 square feet of street-level retail.
BuckheadView earlier reported that the condo units will start at $1.5 million. Robin Loudermilk told Bisnow he has already pre-sold a few units—but still has a way to go, as most banks won’t finance construction of a condo project without two-thirds of the units secured with buyers.
In the next few weeks, Robin says his firm plans to open its sales center in the former Alan Avery Art Gallery space at 315 East Paces Ferry Road.
Preserve Properties filed permits with the city of Atlanta to begin land prep for The Sutton, a 21-story, 141-unit apartment complex at 2965 Peachtree Road at the former site of Grand China
restaurant and Exxon service station.
The $60 million project will include a terrace pool, an outdoor kitchen and a private motor court. Calls to Preserve Properties were not returned as of press time. “It’s unclear if the project that is moving forward is actually smaller in scope than the one originally proposed,” Bisnow reported.
According to Preserve’s architects, Reese Vanderbilt & Associates, the project will total more than 500,000 square feet. But the permits have it reduced to 337,000 square feet, according to Bisnow. The permit did not reveal the number of stories or the number of units, said Bisnow.
Meanwhile, Regency Centers is officially making way a new grocery addition to its Paces Ferry Plaza shopping center at 3535 Northside Parkway, according to a report by the Atlanta Journal-Constitution.
Regency recently struck a deal to house a 365 by Whole Foods Market, Whole Foods’ smaller urban-format grocery store chain, at the location. According to permits, the addition will be two stories with a level for parking and a pedestrian tunnel.