By John Schaffner
The 129 high-end condominium residences being developed by Novare Group Holdings and Post Properties on the top 17 floors at 3630 Peachtree Road will be The Ritz-Carlton Residences Atlanta, Buckhead, bringing the five-star services of the Ritz-Carlton hotel organization to Atlanta homeowners for the first time.
According to Novare Group CEO Jim Borders and Post President and CEO David Stockert, who made the announcement Sept. 9 at the Ritz-Carlton Buckhead hotel, the Ritz-Carlton affiliation means owners of the condos in the 34-story mixed-use building will have hotel-quality services provided by the upscale hotel chain, including housekeeping, in-unit dining, a concierge and a porter.
“This is 21st-century luxury from the first name in luxury,” Borders said.
The condos will range in price from $600,000 for a one-bedroom, 990-square-foot unit to more than $2 million for one of the seven penthouse units. The largest units will be more than 3,000 square feet. One-, two- and three-bedroom condo plans are offered.
Homeowners will pay for the hotellike services through their monthly condo association fees, which will range between 60 and 80 cents per square foot. That comes to about $600 to $800 for the smallest units and $1,800 to $2,400 for the largest units.
The amenities for the condo owners will be on the 18th and 19th floors and will include a saline swimming pool, cocktail bar with outdoor fireplace, formal dining room, catering kitchen, fitness center and two suites for guests of residents.
“We began work on bringing The Ritz-Carlton Residences to 3630 Peachtree before we started construction a year ago, and, as you can imagine, it took a great deal of time and effort to meet the exacting standards,” Borders said at the announcement.
While the Atlanta condo market is considered by many to be soft, the Post and Novare executives said demand for upscale units remains strong. All but a few of the 52 condo units at the St. Regis, which is under development on West Paces Ferry Road just off Peachtree, have been sold, and reportedly a third of the 82 condo units at the new Sovereign mixed-use project on Peachtree have been purchased. The Sovereign price point begins at $1 million and goes up to $11 million for penthouse units.
The 3630 Peachtree development is adjacent to Phipps Plaza and just a few blocks from the Ritz-Carlton hotel.
While Novare and Post have developed the condo units at 3630 Peachtree, the project also will include 425,000 square feet of office space and retail on the first 17 floors, developed by Pope & Land and Duke Realty. Handel Architects of New York and Atlanta’s Smallwood, Reynolds, Steward, Stewart collaborated on the design of 3630 Peachtree.
Construction on the building has reached the 26th floor, and the topping-out is scheduled for November. The opening is anticipated next July.