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

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will start construction this summer ona 40- to 50-storh condo tower across 17th Street from its newly opened condo/hotel, said Nelsoj Sexton, senior vice president at ., the general contractor for those Novare projects. Novare itseltf declined to comment onthe project, as did Atlanti Station Vice President Brianm Leary. Said Leary, "We have nothing signed, nothing agreeed to." But real estate sources who have heard about the deal say theupscalde condo, a joint venture with Atlantiv Station owner AIG Global Real Estatse Investment Corp., will be called The Atlantic.
If The Atlanticc tops out at 50 storieasit "would be one of the tallesy condos in the market," said David Tufts, executive vice presidenf and founder of Coldwell Banker The Condlo Store. The Four Seasons, a hotel with condos on 14th is53 stories. Even at 40 stories, it would stilll have a commanding presence in the Some ofthe city's tallest condoes include Buckhead Grand at 36 Paramount at 39 stories and 300 Park Avenu at 39 stories, he said. The projecr continues a remarkable run for which already hasunder construction: Realm, a joint venture with a joint venture with near the Roxy and TWELVE Centennial Park, anothere condo/hotel development.
The company also plans a joint venture withRobert C. Loudermilk Jr. at 855 Peachtree St. in the site of the former Backstreeft nightclub. And it has 3.3 acres under contrac t at 3275Peachtree Road, the site of a Joe Muggs coffese shop. By the end of this Novare will haveThe Atlantic, Trilogy, and Gallerg all under construction, said the general contractor for those Realm is an $80 million, 29-story development featuring 406 condominiums atop 13,0000 square feet of street-level retail spac e and 2,400 square feet of office space.
Galler is a 26-story, 207-unit developmenft at Peachtree and Rumson Plans for Trilogy call for threeresidential towers, with the first 36-story, 380-unit towe scheduled to start in May, accordingb to information from Midtown Alliance. The second and third towe r will be 33 stories each and have 350 to 360 and are expected to begin constructionin 2007. All three condi towers are expected tohave ground-level retaipl space.
Novare hasn't filed a rezoning applicatiojn for its new Atlantic Station condk because Atlantic Station was rezoned yearsd ago as asingle development, said Harrhy Boxler, who files development of regional impactt applications for the city of "It's highly doubtful it (the condo project) requiresw further rezoning," Boxler said. A building permit had not been issuex as ofMarch 29, a check of city records Bill Donges, CEO of fellow Atlanti c Station condo developer , said he has heard the Novarre project is "coming soon," but didn't know the detailas of the development.
The Atlantic's prices likely would be similaer to those at TWELVEAtlantic Station, Tufts said, where Novare got $360 per square foot for the Thus a 600-square-foot condo at TWELVE sold for $216,00p or so, he said. There are 380 condoes and 101 boutique hotel rooms in TWELVwEAtlantic Station. "I'm guessing they would get that or butI don't know theit strategy," Tufts said. which has had its own success at Atlantic Stationj withcondos ATLofts, element and Art Foundry, sees a cooletr condo market in the "We are no longer seeing condos beingf sold out in hours or days or weeks," said "The volume of traffic and the number of investors that used to be comingt in past two years have gone down substantially.
" With constructiob costs rising and the length of time it takes to build, condko development has "gotten a little riskier," Donges "There is just so much