The developer of two recently completed Buckhead condo buildings has plans for a third.
Kolter Urban, a Delray Beach, Florida-based developer of luxury single-family homes, on March 25 closed on a 4.7-acre site at 102 W. Paces Ferry Road for $38 million. The company plans to build Elyse Buckhead, a 20-floor luxury condo development, according to an email from a Kolter Urban spokesperson.
Since 2022, Kolter Urban has already built the Dillon Buckhead and the Graydon Buckhead, two luxury condo developments.
Regarding the Elyse Buckhead, Reid Haley with Hailey Realty Co. was the transactional broker on the deal. In her email, the spokesperson also said Kolter Urban plans to utilize 2.7 acres of the property to build Elyse Buckhead, which will have 196 homes with one- to three-bedroom floor plans ranging from 1,200 to over 4,000 square feet.
The current tenants of the 102 W. Paces development, a shopping center, include Penley, artist Steve Penley’s gallery, and Drybar, a hair salon.
Charline Werner, business manager at Penley, said she was not surprised the property was purchased and the gallery would have to move. Their landlord had talked to a Penley rep about it starting in December, and the gallery is relocating to a nearby space on Peachtree Road.
“We’ve always been on a month-to-month [lease basis],” Werner said. “We knew from the get-go that this day would come, so we’re kind of happy. Change is good sometimes.”
A mixed-use project on the site was planned to move forward in 2022, including a hotel, an apartment tower and an office/retail building, but the project never came to fruition.
A Kolter Urban representative was not available for an interview Wednesday regarding the Elyse Buckhead, but granted one for later this week. So, check back with buckhead.com for an update to this article.
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