An Atlanta developer is pushing forward on an apartment tower on the former site of a popular Buckhead Chinese restaurant.
Preserve Properties filed a permit with the City of Atlanta to begin construction on The Sutton, a 21-story, 488K SF apartment tower at 2965 Peachtree Road, where an Exxon gas station and the Grand China restaurant once stood. Preserve plans to develop 16 stories of apartments atop a five-story parking podium at the site, according to its permit application.
The $60M project would include a terrace pool, an outdoor kitchen and a private motor court.
Preserve has been working on the project since it first revealed its plans to Buckhead planners in late 2014. In 2015, Preserve CEO John Draper told officials the for-rent project will range from $3,800 to $5,800/month in rents and is aimed at higher-income residents, many of whom could use The Sutton as a second home, according to a story in BuckheadView. Officials with Preserve did not return calls as of press time.
Preserve is not the only multifamily firm pushing new projects in the hot Buckhead submarket. Camden Living also filed permits March 27 with the city to begin construction on an apartment project at 25 East Andrews in the heart of Buckhead, next to its recently completed Camden Paces Apartments complex.
Camden vice president of real estate investment Chad Weaver said the project will hold 365 units in two separate, nine-story buildings, with average unit rents around $2.20/SF. The buildings, while marketed at the same complex, will have their own pool and clubhouse, Weaver said. The firm is hoping to start development by year's end.
Both Camden and Preserve are the latest to push into the multifamily fray in Buckhead. Houston-based Hanover Co. has plans for two new apartment projects in Buckhead — among the more than 1,700 new units planned in metro Atlanta — including the 353-unit high-rise, Hanover Village, next to the Buckhead Theatre, and Hanover East Paces, a 375-unit project on Pharr Road in the Buckhead Village.
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