Florida-based Kolter Buys Prime Buckhead Lot for $13.5M

Updated July 8, 2019: The header image with overlay of the affected property has been adjusted to reflect that the affected property is only 2520 Peachtree Road and not any neighboring buildings. The building pictured above with the red roof located at 2544 Peachtree Road is not for sale. We apologize for any confusion.

It has been years of uncertainty for a 1.8 acre lot at 2520 Peachtree Road near Lindbergh Drive. For several years JPX Works, an Atlanta based development company, had planned to deliver a 21-story, 41-unit “ultra-luxury” condominium building called Emerson at the site formerly occupied by a midcentury low-rise. The Emerson broke ground in 2017 and was slated for completion this year until it stalled in mid-2018.

The impressive design of the building made it more expensive than buyers were willing to commit to and JPX was unable to hit required pre-sale numbers. The market pushed back on the above $1000 per square foot price point, while it has embraced the roughly $800 per foot at the competing Charles condo tower just up the street.

Now, after months of negotiations, the site has been officially purchased by a Kolter Group affiliate for $13.5 million. According to public records, JPX assembled the parcel in 2015 by paying out a total of $9.4 million to 50 individual owners.

Kolter Group LLC is a West Palm Beach-based development company with 23 condominium developments in Florida and two in Canada. There is not much information available about Kolter’s plans for the site with only a generic Atlanta skyline photograph and the words Coming Soon appearing on a landing page.

Judging by other Kolter developments in Florida, we can expect a high-end, fairly modern condo tower with an edgy design to be announced soon.

The Kolter development will build on the success of developer Robin Loudermilks’ “Charles” condo tower where 42 of the 57 condos have been sold at prices ranging from $1.7 – $4 million. Construction is wrapping up now and the first move-ins will begin in September.

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