URBAN GURU
03 May 2006, 10:09 PM
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Luxury condos set for 17th St.
By JULIE B. HAIRSTON
The Atlanta Journal-Constitution
Published on: 05/04/06
With pressure from more upscale developers now moving aggressively into Atlanta's condo market, Novare Properties is stepping up the company's product line with the Atlantic, a 46-story, 400-unit development on 17th Street in Atlantic Station.
With units averaging more than 1,600 square feet and premium upgrades, the Atlantic joins Novare's Gallery development in Buckhead in the luxury market.
When finished in 2009, the Atlantic would be the tallest building in Atlantic Station, promising panoramic views of the city. Novare Chief Executive Jim Borders said the target market for the Atlantic will be an older, more affluent buyer than those courted by Twelve, the sold-out Novare development just across 17th Street. Twelve, like most of Novare's Midtown condo towers, was aimed at singles between 24 and 35 years old.
The Atlantic's units will start at more than $300,000, with most of the units listing between $500,000 and $700,000, Borders said.
He is undeterred by predictions that condo sales will suffer most from the trend of slowing sales and lower prices. Thorough market research indicates that the Atlantic will buck that trend, he said.
"The nice thing about Atlantic Station and the power of that concept is that the market could be softer in six months and we would still do well," Borders said. "We feel very confident about the product and very confident about the public's desire to be at Atlantic Station."
Atlantic Station President John Whitaker said more development, some of it residential, is planned for the south side of 17th Street.
Luxury condos set for 17th St.
By JULIE B. HAIRSTON
The Atlanta Journal-Constitution
Published on: 05/04/06
With pressure from more upscale developers now moving aggressively into Atlanta's condo market, Novare Properties is stepping up the company's product line with the Atlantic, a 46-story, 400-unit development on 17th Street in Atlantic Station.
With units averaging more than 1,600 square feet and premium upgrades, the Atlantic joins Novare's Gallery development in Buckhead in the luxury market.
When finished in 2009, the Atlantic would be the tallest building in Atlantic Station, promising panoramic views of the city. Novare Chief Executive Jim Borders said the target market for the Atlantic will be an older, more affluent buyer than those courted by Twelve, the sold-out Novare development just across 17th Street. Twelve, like most of Novare's Midtown condo towers, was aimed at singles between 24 and 35 years old.
The Atlantic's units will start at more than $300,000, with most of the units listing between $500,000 and $700,000, Borders said.
He is undeterred by predictions that condo sales will suffer most from the trend of slowing sales and lower prices. Thorough market research indicates that the Atlantic will buck that trend, he said.
"The nice thing about Atlantic Station and the power of that concept is that the market could be softer in six months and we would still do well," Borders said. "We feel very confident about the product and very confident about the public's desire to be at Atlantic Station."
Atlantic Station President John Whitaker said more development, some of it residential, is planned for the south side of 17th Street.