Published on January 24th, 2018 |0
Just-started Peachtree Road apartment tower converting to 151 condos
Preserve Properties, which broke ground last year at 2965 Peachtree Road on construction of an announced 21-story apartment tower, has now decided to convert the project to 151 one-to-three bedroom condominium units starting at $500,000 and ranging in price up to $1.4 million.
Preserve Properties President John Draper began the project named The Sutton as an apartment tower, but indicated to the Atlanta Business Chronicle that the Buckhead market for apartments is being saturated by new for-rent units. Construction on new condo towers has been limited.
However, the conversion to condos may have always been a possibility for The Sutton. When Draper first announced the project in 2015 he responded to a question from BuckheadView.com, that the apartments would be built and appointed to condominium standards and could at some time be converted from apartments to condos.
Draper told the ABC he wanted to offer upscale condos at an attainable price. The Sutton is just over the entry level Buckhead market for new mid-or-high-rise residential towers, which is about $450 a foot. The Sutton will offer one-bedrooms starting at about $500 a foot.
The typical residential floor would have nine units with the penthouse floor only having eight units. One-bedroom units will feature 1,000 square feet of space and three-bedrooms will be up to 2,000 square feet.
During a Dec. 2, 2015 meeting with the SPI-9 Development Review Committee, 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.
Draper, who has been developing properties in Atlanta for some 30 years, said retail is not in the company’s business plan. The plans call for 314 resident parking spaces, or an average of two
spaces per unit.
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.
PNC Bank National Association is providing $49.9 million in construction financing, according to Fulton County property records.
Reese Vanderbilt & Associates is the project architect for The Sutton. Barrett Design is the interior designer. Gilbane Building Co. is the general contractor and Atlanta Fine Homes Southeby’s International Realty is handling the sales and marketing.
If demand at The Sutton proves strong enough, it could convince other Buckhead apartment developers that have already started construction to convert their towers to for-sale projects.
Mill Creek Residential is well into construction of 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.
Between the Mill Creek and Preserve properties is a piece of property that has a driveway to an auto repair facility below and behind a building that houses an exercise equipment retailer. That property reportedly is owned by Mary Bradshaw and is not part of any present development project.