Construction begins on 92 West Paces Ferry Road luxury apartment project next to the St. Regis Hotel
Monday, April 16, 2012
According to Draper, the luxury apartment project, which will be named 92 West Paces Ferry, is expected to open for occupancy in early 2013.
The project will have one-, two- and three-bedroom apartments, with 10-foot ceilings, top-of-the-line stainless steel appliances and wood cabinets, granite counter tops and large balconies, according to Draper.
He said the one-bedroom apartments will be 800-900 square feet and the projected rent will be #1,300 per month, Draper said, cautioning that it is a little early to fix the rental prices since construction has just begun.
Draper is the former head of Sterling Group Inc., a small multifamily investment and development company that began operations in Atlanta in 1984. Draper sold its holdings in 2007, just before the real estate market started to nosedive. Preserve Properties began operations in 2010.
Meanwhile, as construction is beginning on 92 West Paces, work has been proceeding for months on building the above-ground parking deck and framing in the five-floors for the 375 luxury apartments at the $60 million Village at Buckhead, a joint venture of USAA Real Estate Co. and developer JLB Partners L.P., a spin-off of Fairfield Residential. The project could be completed as early as this fall.The Village at Buckhead apartments site is located on Pharr Road, just off of Peachtree Road, and extends south to Buckhead Avenue.
At the same time, it appears that some interior demolition work has begun on buildings at The Paces Apartments site at 77 E. Andrews Drive. The demolition of the old buildings will be followed by construction of Phase I of the new luxury apartments by Camden Property Trust, scheduled to begin this summer.Phase I construction on the interior portion of the 30-acre site, which was purchased last summer for 39.3 million and runs along E. Andrews Drive between West Paces Ferry and Roswell roads, will take 20 months and will include 376 luxury apartments in two buildings. Future phases likely also will include retail along with apartments and some townhomes.
Construction begins on 92 West Paces Ferry Road luxury apartment project next to the St. Regis Hotel
Monday, April 16, 2012
According to Draper, the luxury apartment project, which will be named 92 West Paces Ferry, is expected to open for occupancy in early 2013.
The project will have one-, two- and three-bedroom apartments, with 10-foot ceilings, top-of-the-line stainless steel appliances and wood cabinets, granite counter tops and large balconies, according to Draper.
He said the one-bedroom apartments will be 800-900 square feet and the projected rent will be #1,300 per month, Draper said, cautioning that it is a little early to fix the rental prices since construction has just begun.
Draper is the former head of Sterling Group Inc., a small multifamily investment and development company that began operations in Atlanta in 1984. Draper sold its holdings in 2007, just before the real estate market started to nosedive. Preserve Properties began operations in 2010.
Meanwhile, as construction is beginning on 92 West Paces, work has been proceeding for months on building the above-ground parking deck and framing in the five-floors for the 375 luxury apartments at the $60 million Village at Buckhead, a joint venture of USAA Real Estate Co. and developer JLB Partners L.P., a spin-off of Fairfield Residential. The project could be completed as early as this fall.The Village at Buckhead apartments site is located on Pharr Road, just off of Peachtree Road, and extends south to Buckhead Avenue.
At the same time, it appears that some interior demolition work has begun on buildings at The Paces Apartments site at 77 E. Andrews Drive. The demolition of the old buildings will be followed by construction of Phase I of the new luxury apartments by Camden Property Trust, scheduled to begin this summer.Phase I construction on the interior portion of the 30-acre site, which was purchased last summer for 39.3 million and runs along E. Andrews Drive between West Paces Ferry and Roswell roads, will take 20 months and will include 376 luxury apartments in two buildings. Future phases likely also will include retail along with apartments and some townhomes.