March 30, 2011

New luxury apartment building in the works for Buckhead..

Posted in Uncategorized tagged , , , , at 8:25 pm by winterbaserva

It appears the confidence level is increasing with investors as the latest trek into the luxury apartment market is gearing up for a new project in the Buckhead area, a magnet for Gen Y workers. Preserve Properties, LLC has the site located at 92 West Paces Ferry Rd. under contract with plans to develop a new 8 story luxury Buckhead apartment building. The multi-family development will stand adjacent to the two year old St. Regis Atlanta hotel and residence.

“We’re certainly not talking about developing a new apartment building by the end of the year,” Preserve Properties developer Draper said. “We’re only getting the property into [zoning] compliance.”

The developers are hoping to expand on the special public interest zoning district, known as SPI-9, that will encourage ‘walkability’ in Buckhead, helping to transform the traffic jammed streets, and aging strip malls into a more connected and friendly Urbanscape.

“I think this kind of project is exactly what we want to see,” said Denise Starling, executive director of the Buckhead Area Transportation Management Association, or BATMA.

According to Starling, a new mid-rise apartment building would complement plans for a new ‘international district’ that would include foreign consulates, office building, and a mix of residences all linked by expanding sidewalks and dotted with streetside shops and cafes.

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