On the Rise Condo & townhome market surging again Intown

Continued from page 52 and John Wieland Homes is building the Square at Glen Iris. Edward Andrews Homes has a new development going up in Grant Park, and several more will be appearing on Moreland Avenue and Memorial Drive.

Three new attached residences are planned in Midtown on 6th Street. “Numerous smaller communities will be popping up with as little as two units, since the R5 zoning in the City of Atlanta allows developers to build two attached units on lots that were more likely to be occupied by one single family home,” Eaves explained. He advises potential buyers to get in early, since most builders and developers are selling out before construction starts.

“I think what you see drawing attention right now are the luxury condo buildings,” Burell said. “One reason for this is that the construction cost for new major buildings is so high. Since developers have to list condo units at the high-end of the market to recoup building costs, we are seeing some amazing projects.”

Those amazing projects include: One Museum Place, the John Wieland project on Peachtree Street in Midtown; the recently completed Seventh Midtown, with retail space housing one of the first Starbuck Reserve concept locations in Atlanta; and 1065 Peachtree, with residences above the Loews Hotel that feature amazing views and amenities.

One proposed condo building in

Midtown is poised to dramatically alter the city skyline: at 74-stories, 98 Fourteenth Street would become the second tallest building in Atlanta behind the Bank of America Tower. Olympia Heights Management and Perkins + Will said the first phase of the development would feature the main tower comprised of 382 luxury condo units, 180 corporate suites, 60,370 square feet of retail and 825 structured parking spaces. A second, smaller tower in the future would contain a hotel.

According to Burell, there’s a major need for new projects in a lower price category, specifically condos and townhomes that target buyers in the $250,000 to $400,000 price point.

Schwall said that townhomes still lead the charge for new construction development in the Intown markets. “Thirty new townhome projects are proposed this year, which will bring 1,587 new units. Townhome developers are snapping up infill lots in trendy neighborhoods, such as O4W, that are bustling with activity because of the popularity of the BeltLine, Krog Street Market and Ponce City Market.”

Two notable new condominium projects coming to market this fall are Emerson Buckhead and The Charles. Developed by JPX Works LLC, Emerson Buckhead is a visually striking, 19-story building located at 2520 Peachtree Road that features 41 residences from 2,200 to over 8,000 square feet. The Charles, a newly announced

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