This Week's Atlanta Deal Sheet
A Palm Beach developer is breaking ground on a towering luxury condominium building in Buckhead.
Kolter Urban, a division of The Kolter Group, has started construction on an 18-story condo tower at 2425 Peachtree Road called The Dillon, right next to the Peachtree Battle shopping center. The building will offer 144 luxury for-sale units, with prices slated to start at $800K and the penthouses anticipated to reach $2M.
Integra Construction has been tapped as the general contractor while Atlanta Fine Homes Sotheby’s International Realty is marketing the units. A press release didn't disclose how construction is being financed.
The project, spanning over an acre, will include nearly 49K SF of amenity spaces, including a social room, a theater with a popcorn bar, a resident-only speakeasy lounge with weekly activities, a game room, a terrace-level outdoor pool, a pickleball court, a fitness center, a yoga lawn and a dog park.
Kolter is underway with $4.9B of residential projects, and also developed The Ritz-Carlton Residences in Sarasota, Graydon Buckhead and ONE St. Petersburg.
DEVELOPMENTS
The Atlanta Housing Authority and its partners, Hill Tide Partners and Timshel Development, have obtained financing and are breaking ground on a 108-unit affordable independent senior living project at 3650 Bakers Ferry Road in the Adamsville neighborhood.
A co-investment fund between Atlanta Housing and Invest Atlanta financed the project, alongside a 4% Low-Income Housing Tax Credit with the Georgia Department of Community Affairs. The project is scheduled to be delivered by the fourth quarter of next year, according to a press release, with units priced to be affordable for those making up to 60% of the area median income.
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TPA Residential has tapped McShane Construction Co. to build a new 318-unit apartment complex in Downtown Kennesaw, according to a press release. The project is set to include 10K SF of ground-floor retail and deliver in August 2024.
SALES
Nuveen Real Estate has picked up 14 SixtyFive, a 52-unit, 241-bed student housing project near Kennesaw State University, from Fountain Residential Partners for an undisclosed sum. The project was appraised at more than $6.2M this year by the Cobb County Tax Assessor. JLL Capital Markets Senior Directors Teddy Leatherman, Stewart Hayes and Scott Clifton brokered the transaction.
LEASES
The law firm Campbell & Brannon renewed its 17,400 SF lease at NorthWinds Office Park in Alpharetta, while cloud-based software company Deposco renewed and expanded its lease by 11K SF at NorthWinds Office Park.
Joel & Granot co-founder Alan Joel represented Campbell & Brannon while ICON Commercial Interests Senior Vice President Ryan Bowie represented Deposco. Lincoln Property Co. Southeast senior vice presidents Hunter Henritze and Michael Howell, Vice President Caroline Fisher and associate Robert deGolian brokered the deals for the landlord, The Brookdale Group.
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Accounting and advisory firm Tidwell Group has inked a nearly 10K SF lease for seven years at 1277 Lenox Park, a seven-story, 152K SF office building in the Lenox Park office campus in Buckhead. Tidwell is relocating to the Bridge Investment Group-owned building from its offices in Central Perimeter.
JLL Executive Vice President Gregg Metcalf brokered the deal for Tidwell, while Bridge Commercial Real Estate CEO Jeff Shaw, Managing Director Kevin Lott, Director Scott Rees and Senior Leasing Associate Trey Weghorst represented the landlord in-house.
