By John Schaffner
editor@reporternewspapers.net
Nearly 90 percent of the St. Regis Residences condominiums being constructed atop the new 5-star St. Regis Hotel, at 88 West Paces Ferry Road, reportedly have been sold.
According to the developers of the St. Regis Residences, Atlanta homebuyers have put contracts on 44 of the 50 luxury residences and the project is on schedule for a late 2008 completion.
The development team currently consists of Paul Freeman, Trammell Crow Residential (TCR) and Bovis Lend Lease. Ron Terwilliger and the Trammell Crow Family now serve as equity partners along with the original equity partners John Meshad, Kent Levenson, George Berkow, Jim Cowart and Freeman.
TCR is providing construction management for the project, while Bovis Lend Lease serves as the contractor of record. Morgan Stanley is the construction lender.
According to Freeman, the St. Regis Residences are the only Atlanta condominiums in their price point “that are this far along in the sales process.”
The St. Regis Residences will consist of 15 floors of luxury condominiums above eight floors of St. Regis hotel rooms. Every residence will be situated in a corner location. All will feature large “great rooms” (nearly 900 square feet) and master-bedroom suites, each with balcony views of Buckhead and downtown Atlanta.
Homeowners will be able to choose from five customizable “Designer Series” floor plans, each featuring a private outdoor living room with fireplace and built-in gas grill. The spaces are intended to look and feel more like homes than high-rise condominiums, according to the developers..
For more information about the St. Regis Residences, Atlanta, call 404-261-3820 or visit www.stregisresidences.com/atlanta.
Kairos breaks ground
on Astoria at Aramore
Kairos Development Corporation has begun construction of The Astoria at The Aramore, 71 luxury condominiums priced from the $400,000s to the $900,000s, located at Peachtree Road and Peachtree Memorial just south of Peachtree Battle.
Home plans at The Astoria range from 1,500 to over 4,000 square feet, with large entertaining spaces, fireplaces and kitchens with Viking Designer Series appliances including Sub-Zero refrigerators.
The Astoria is scheduled to be completed in the summer of 2008 and is reportedly already 25 percent pre-sold.
The condominiums, which tie in with The Aramore condominiums back up to Peachtree Creek and will offer many common area amenities, such as a lap pool, heated spa, outdoor fireplace in a garden setting, private poolside cabanas and clubroom with catering kitchen, media room and street-level retail.
Kairos Development Corporation was founded by Jack G. Williams and Arthur Rountree. Since entering the industry in the mid-1980s, it has developed more than $300 million in Atlanta residential, retail and office real estate properties.
For more information, call 404-250-1440 or visit www.kairosdevelopmentcorp.com.
Related pays $45.8M
for CityPlace land
The Related Group, the Miami-based development firm that plans to build the $2 billion CityPlace Buckhead complex near Lenox Mall, paid $45.8 million for the 16.3 acres at the intersection of Roxboro and East Paces Ferry roads. The land was purchased from the Ed Noble family.
CityPlace Buckhead is expected to open its sales center in January and the first phase, called One CityPlace, is expected to be completed in 2009. That phase will consist of a 28-story tower with 250 condos and 11 townhouses. Homes will range from the $400,000s to more than $1 million.
When completed, CityPlace Buckhead is expected to have 3,860 condo units in nine towers, 28 townhouses and 110,000 square feet of retail space.