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Discussion Starter · #1 ·
Yet-to-be-built condos a hit in Perimeter area
Christopher Quinn - Staff
Monday, April 11, 2005

There is high interest in high-rise living north of I-285.

The Manhattan, a 27-story condominium tower that will rise above the 44-acre Perimeter Place mixed-use community just broke ground, but more than half of the 227 units are sold, the developers say.

The prices range from $200,000 up to about $500,000 for condos of up to 1,600 square feet. Both million-dollar penthouses are already sold.

"We always felt there was a demand for a high-rise product in the Perimeter market, but we are a little surprised there is this much interest so early, without there being a building coming out of the ground," said Satish Lathi of Southeast Capital Partners, the development company.

Move-in dates won't be until at least summer 2006.

The Sembler Co. is developing the retail part of the community, which will include restaurants, a grocery store and shops. They should begin opening this fall.

The Manhattan is the highest of eight condo projects under development along I-285 between the Cumberland area, where I-75 intersects the highway, and the Perimeter area where Ga. 400 intersects.

Housing experts say the tens of thousands of workers who crowd the offices in the Cumberland and Perimeter areas are driving the market. More than 100,000 people work in the Perimeter area, according to estimates from the Perimeter Community Improvement District.

Dale Henson, a housing-market consultant, said, "The Perimeter is almost an urban market. It has more jobs surrounding it than Midtown. I would think [Southeast Capital Partners] would have very good success there."

Lathi said early buyers, who are plunking down from 5 percent to 10 percent nonrefundable downpayments, are coming from across the spectrum, including singles, young couples and empty nesters. A common thread that connects many is that they work in the area, he said.

The condo tower is packing in the amenities that have been successful in the hot Midtown condo market, including a swimming pool, exercise rooms, tennis court, an indoor golf training center and rooftop deck that will take in the sweep of Buckhead and Atlanta's downtown skyline.

Derrick Tennant, owner of D1 Sports, which runs adult athletic leagues, lives nearby in an apartment but is eager to move into the 15th-story condo he put money down on. He said the location was ideal. His office will be a block away, the condo is just off I-285, and the mixed-use community should make life easy.

"That's just attractive. You can walk downstairs to go grocery shopping . . . MARTA, restaurants, everything is right there."
 

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Interesting...
What are the 8 other condo projects out along the Perimeter I wonder? Are they all highrises? It is good to see the far-flung Edge cities starting to become more urban with projects like these.
 

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Discussion Starter · #4 ·
scguy said:
Interesting...
What are the 8 other condo projects out along the Perimeter I wonder? Are they all highrises? It is good to see the far-flung Edge cities starting to become more urban with projects like these.
Some are located in strange places. They are planning on building a fairly tall condo in the Wildwood Office Complex off Powers Ferry Road, about a mile north of I-285. It would just sit in the office complex. :sleepy:
 

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Discussion Starter · #6 ·
There's an article in today's AJC about the desire to live in highrise condos in urban areas of Atlanta and other cities that's pretty interesting.
 
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