The upscale north Buckhead neighborhood of Ivy Knoll may begin a five-lot expansion as soon as June of this year.
The board of NPU-B gave the new subdivision its blessing with a unanimous vote in favor of the project at its March 5 meeting.
Development and construction of the subdivision will be handled by PEC Development Group and Edward Andrews homes.
According to Paul Corley, who is CEO of both companies, the five new homes will be priced at $1.5 million to $2 million.
He says low inventory of new homes in desirable neighborhoods is behind the decision to add more homes to Ivy Knoll, which last saw new home construction seven years ago.
Corley says he’s seen similar growth in demand on both sides of the Perimeter, especially in neighborhoods in high-demand school districts.
“The market is definitely turning around,” he said, “especially in good locations like this.”
Barring unforeseen delays, Coley says he expects construction to begin on the subdivision by June of this year. That would make the homes ready for sale by early fall, with construction wrapping up by winter.
“We’re excited about it,” he said. “We think it’s going to be a great addition to the neighborhood.”