Novare plans 40+ story condo tower - Atlanta Business Chronicle:

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will start construction this summer ona 40- to 50-story condo tower across 17th Street from its newly opened said Nelson Sexton, senior vice president at ., the generalk contractor for those Novare projects. Novar itself declined to comment on the as did Atlantic Station Vice PresidenBrian Leary. Said Leary, "We have nothing nothing agreed to." But real estate sources who have heardc about the deal say the upscale a joint venture with Atlantic Station ownetr AIG Global Real EstateInvestment Corp.
, will be called The If The Atlantic tops out at 50 storiex it "would be one of the tallestt condos in the market," said Davi d Tufts, executive vice president and founder of Coldwell Banked The Condo Store. The Four Seasons, a hotell with condos on 14th is53 stories. Even at 40 it would still have a commanding presenc e inthe skyline. Some of the city's tallest condos include Buckhear Grand at36 stories, Paramount at 39 storiese and 300 Park Avenue at 39 he said. The project continues a remarkable run for which already hasunder construction: a joint venture with Gallery, a joint venture with near the Roxy and TWELVE Centennial Park, another condo/hotel development.
The compant also plans Trilogy, a joint ventur with Robert C. "Robin" Loudermilk Jr. at 855 Peachtrede St. in Midtown, the site of the formetr Backstreet nightclub. And it has 3.3 acrexs under contract at 3275Peachtree Road, the site of a Joe Mugg s coffee shop. By the end of this year, Novaree will have The Atlantic, Trilogy, and Gallery all under said Sexton, the general contractotr for those projects. Realm is an $80 million, 29-storu development featuring 406 condominiumwsatop 13,000 square feet of street-level retaill space and 2,400 square feet of offics space. Gallery is a 26-story, 207-unigt development at Peachtree andRumson roads.
Plans for Trilogyy call for three residential with thefirst 380-unit tower scheduled to start in May, according to informatiom from Midtown Alliance. The second and thirf tower will be 33 stories each and have 350 to 360 and are expected to begin constructiojnin 2007. All threer condo towers are expecte tohave ground-level retail space. Novare hasn't filed a rezoning application for its new Atlantic Station condo because Atlantic Station was rezoned yearas ago as asingls development, said Harry Boxler, who files development of regional impac applications for the city of "It's highly doubtful it (the condop project) requires further rezoning," Boxlefr said.
A building permit had not been issuec as ofMarch 29, a checko of city records showed. Bill Donges, CEO of felloa Atlantic Station condodeveloper , said he has hearx the Novare project is "coming soon," but didn't know the detailsz of the development. The Atlantic's prices likely woul be similar to those at TWELVE Atlantic Tufts said, where Novare got $360 per squarre foot for the condos. Thus a 600-square-foof condo at TWELVE sold for $216,000 or so, he said. Therew are 380 condos and 101 boutiqur hotel rooms in TWELVEAtlantic Station. "I'm guessinbg they would get that or butI don't know their strategy," Tuftz said.
Lane, which has had its own succesxs at Atlantic Station with condos element andArt Foundry, sees a cooler condlo market in the "We are no longer seein g condos being sold out in hoursw or days or weeks," said "The volume of traffic and the numbeer of investors that used to be coming in past two yearsd have gone down substantially." With construction costd rising and the length of time it takes to build, condl development has "gotten a little Donges said.
"There is just so much