Written: October 16, 2017

Luxury Buckhead residential community breaks ground

Shovels for the long-expected luxury residential community in Peachtree Hills have finally hit dirt.

More than a decade after first being announced, a 216-unit senior living project in Peachtree Hills has broken ground, its developer says.

The entire development will cover about 20 acres in the historic south Buckhead neighborhood known for its dense tree canopy and Peachtree Creek.

Site development on the project, officially called Peachtree Hills Place, is underway. Construction on the first units could start later this fall.

It has more than $117 million in financing from SunTrust Bank, Atlantic Capital Bank, Iberia Bank and Capital Bank.

Peachtree Hills Place is geared to the high-end homebuyer. It will include 204 condos in six, four-story buildings. The condos will range from $730,000 to $1.8 million. Twelve custom-built single-family homes will start at $1.8 million.

The project was first pitched in 2005 on the cusp of the historic recession, with plans for more than 260 luxury apartments.

Asked about changes to the project’s overall plan and the more-than decade long process to get to groundbreaking, Isakson said, “We were patient.” An important step included getting feedback from the project’s first homebuyers, who suggested a few tweaks. “We worked through a myriad of things,” he said.

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Atlanta City Council to consider density bonuses for affordable housing

Developers willing to add affordable housing units to apartment projects or build near transit could receive density bonuses under legislation introduced into the Atlanta City Council this week.

The ordinance, sponsored by Councilwoman Carla Smith, would let developers willing to commit to affordable housing construct taller buildings, thus allowing more apartments. Apartment projects built near transit also would qualify for density bonuses.

Unlike two “inclusionary zoning” ordinances currently circulating among local neighborhood planning units (NPUs), Smith’s ordinance would be voluntary for developers rather than mandatory. It also would apply to the entire city, rather than specific communities.

“Affordable housing needs to be everywhere,” Smith said.

Smith said she plans to send the ordinance to the NPUs for input before putting it through the city council’s committee review process.

“I want to hear everyone’s ideas,” she said. “Then, maybe we can write a [new] paper or amend this paper.”

While Smith is lead sponsor of the ordinance, most of the other council members also have signed on as co-sponsors.

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South downtown’s Norfolk Southern building sells for $25 million

The former Norfolk Southern headquarters, an abandoned landmark on Spring Street eyed for years as a major south downtown redevelopment, has sold for $25 million.

The buyer, 99-125 Spring Street Atlanta Owner LLC, is said to be affiliated with Los Angeles-based real estate company CIM Group, according to sources familiar with the deal.

At nearly 406,000 square feet, the Norfolk Southern property is one of downtown’s largest and most complicated redevelopment opportunities. Under new ownership, it may be woven into a sweeping south downtown project that Newport U.S. is RE planning. It could create a walkable mix of residences, shops and restaurants stretching all the way to Mercedes-Benz Stadium.

The sale of the Norfolk Southern building was completed on Sept. 27, according to Fulton County property records. The LLC paid about $62 a foot.

Earlier this year, Atlanta Business Chronicle reported CIM Group planned to develop a $1 billion mixed-use project around a renovated Philips Arena. One of the principals of CIM is Richard Ressler, the brother of Tony Ressler, the majority owner of the Atlanta Hawks.

An email to CIM principals was not immediately returned. Norfolk Southern declined comment on the sale.

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