$200M river community to go in Sandy Springs - Atlanta Business Chronicle:

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The $200 million community, called One River will be built at Powers Ferry Road behinde therestaurant Ray's on the It is being developed by and The . on what was the 1970s-era Powers Ferry Landing office park. One Rive r Place is one of the largest residential projecte inSandy Springs, said Mayor Eva Galambos. "That area was previousluy developed withoffice buildings, two stories and totally outdated," she said. The neighborhoodr negotiated withdevelopers "and what you see is what the neighbord wanted." One of the financial partners in the project is a company founded by formetr U.S.
Housing and Urban Development Secretary Henry Cisneros that builds affordabl e homes inurban areas. One River Place is one of the firstf projects fundedby CityView. "This is an incredibles location and it is an urbab andredevelopment opportunity," said Richi L. Butler, partner and senioer vice presidentof CityView. CityVieaw sees this project as a way to drive some families closer tothe city, a goal of the program, he CityView's program includes financiny through a $100 million revolving fund from the California Publi Employees' Retirement System the nation's largest public pension system with assetw of more than $240.4 billion.
The programm got its start in California and has beenexpandinv nationally. Trammell Crow Residential bought 22.6 acres from , Carter and Morga n Stanley for $29.3 million in September, according to research by , a commercialp real estate research firm. LeCraw and a partnershiop retained nearly8 acres, Databan k research showed. CityView, of Santa Monica, is a financial and equitu partner in One River Placr and Corus Bank in Chicago is theconstruction lender.
Plans for One Rivert Place, which runs along Game Creek, call for 284 condominium unitzs inseveral mid-rise buildings surrounding a four-story parkinv deck, 38 luxury condos in two four-stort buildings, 110 townhouses and 10 single-family homes. The property also is adjacent to the Palisadez area of the Chattahoochee River NationalRecreatiohn Area. Condo prices at One Riverd Place will rangefrom $200,000 to with the luxury condos in The Sanctuary going for $700,000 to $1.5 said Pace Halter, president of Halter Cos. Townhousew will range from $400,000 to $800,000 and the single-familyy homes range from $900,000 to $1.2 he said.
The project also will have a meeting housewith 8,000 square feet, concert pavilion, a residential park, a dog park, two swimming pools and a fitnese center. One River Place is beingh developed at a time when the housing market in SandtySprings "is not that exciting," said Sandy associate broker at Harry Norman, Realtors in the Sandg Springs office. Sandy Springs has 477 single-familt homes on the market, a large said Abrams, a real estate agenyt for 38 years. Add the 486 condo on the market in Sandy she said, and it's an even larger But the average sales price of a home in Sandyu Springs is $850,000, and there is a need for the housingb in the lower pricee points, she said.
"I think it will revitalizer that arealike crazy," Abrams said. The first residences are expectedr to be delivered in the first quartedrof 2008, with the entire project complete by Februaryt 2009, said Alan Dean, senior managingh director of Trammell Crow Residential. The Atlanta housing markert has softened, Dean said, "but properly positione d projects continueto sell." And developers have purposefullyy designed a wide product type and price point, Dean With a location near the Chattahoochee "you can't beat this," Halter said. One Rive r Place is Trammell Crow Residential and TheHalter Cos. ' largest for-sale project.
The developers also built One Vining Mountainin Atlanta, One Belle Hall in Charleston, the Enclave at Eagles Harbor in Jacksonville, Fla., and Granrd View at Sea Palms on St. Simonxs Island.