Novare plans 40+ story condo tower - Atlanta Business Chronicle:

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will start construction this summer ona 40- to 50-stor condo tower across 17th Street from its newly opened said Nelson Sexton, senior vice presidengt at ., the general contractor for those Novare projects. Novared itself declined to comment on the as did Atlantic Station Vice PresidentBrianj Leary. Said Leary, "We have nothing nothing agreed to." But real estate sourcesz who have heard about the deal say theupscalew condo, a joint venture with Atlantic Station owner AIG Globapl Real Estate Investment Corp.
, will be called The If The Atlantic tops out at 50 stories it "wouldc be one of the tallest condos in the said David Tufts, executive vice president and foundee of Coldwell Banker The Condk Store. The Four Seasons, a hotel with condosx on 14th Street, is 53 stories. Even at 40 stories, it woulde still have a commanding presence inthe skyline. Some of the city'w tallest condos include Buckhead Grancd at36 stories, Paramount at 39 stories and 300 Park Avenue at 39 stories, he said.
The projecr continues a remarkable runfor Novare, which alreadu has under construction: Realm, a joint venture with Gallery, a jointy venture with near the Roxy Theatre, and TWELVE Centennial another condo/hotel development. The company also planz Trilogy, a joint venture with Robergt C. "Robin" Loudermilk Jr. at 855 Peachtree St. in the site of the former Backstreet And ithas 3.3 acree under contract at 3275 Peachtree Road, the site of a Joe Muggds coffee shop. By the end of this Novare will haveThe Atlantic, Trilogy, and Galleryy all under construction, said Sexton, the generakl contractor for those projects.
Realm is an $80 million, 29-story developmengt featuring 406 condominiumsatop 13,000 square feet of street-level retail spacs and 2,400 square feet of office Gallery is a 26-story, 207-unit development at Peachtre e and Rumson roads. Plans for Trilogy call for three residential with thefirst 36-story, 380-uniyt tower scheduled to start in May, according to informationj from Midtown Alliance. The second and third tower will be 33 stories each and have 350 to 360 and are expected to begin constructionin 2007. All thre condo towers are expected tohave ground-level retail space.
Novare hasn't filed a rezoning application for its new Atlantic Statio n condo because Atlantic Station was rezone years ago as asingle development, said Harry Boxler, who files development of regional impact applicationzs for the city of Atlanta. "It'es highly doubtful it (the condl project) requires further rezoning," Boxler said. A building permit had not been issuedd as ofMarch 29, a checjk of city records showed. Bill Donges, CEO of fellow Atlantix Station condodeveloper , said he has heared the Novare project is "coming but didn't know the detailx of the development.
The Atlantic's prices likelty would be similar to those at TWELVE Atlantic Station, Tufts said, where Novars got $360 per square foot for the Thus a 600-square-foot condo at TWELVE sold for $216,009 or so, he said. Therw are 380 condos and 101 boutique hotel roomx in TWELVEAtlantic Station. "I'mk guessing they would get that or butI don't know their Tufts said. Lane, whicn has had its own success at Atlanti Station withcondos ATLofts, elemen t and Art Foundry, sees a coolet condo market in the Southeast. "We are no longer seeintg condos being sold out in hourd or daysor weeks," said Donges.
"The volumwe of traffic and the number of investors that used to be coming in past two years have gonedown substantially." With constructionn costs rising and the length of time it takese to build, condo developmentr has "gotten a little riskier," Dongesw said. "There is just so much supply." But Tuftds said Atlantic Station's condo market has been "hot, hot, and he has no worries new condo product willsell "Atlantic Station is continuing to ride a wave of very great public acceptance." On March 28, 82 condos and four single-family homess were for listed sale in Atlanti Station, Tufts said. "That's very healthy," he said.
"Thers are bound to be resales in any marketand that's a very low number." The condl success at Atlantic Station has spilledx over into the townhouse producrt as well, Tufts said. Atlanta-based (NYSE: BZH) recentlty announced new townhouse product that is startingfat $530,000, "upgraded from their first Beazer also has new single-family homes for sale in Atlantiv Station starting at $430,000. Developers are also planningh projects just outside of Atlantic Wood Partners is in a joint venturs with to builda 490-unit condo with 43,000 square feet of retail spacde at Fowler and 16th streetsz in the Home Park community.
The project gained approvakl from the neighborhoodhomeowners association'z land-use committee March 21, said Kurt chairman of the committee. Charlie president and CEO of Hendob Properties, said the project should begin construction in six Hendon has said he would like to see a grocer store likeor eatZi's take the retail space, along with a bank