The Delray Beach, Florida–based developer closed on a $38 million purchase of a 4.7-acre parcel at 102 West Paces Ferry Road in Atlanta’s Buckhead neighborhood this week, the Atlanta Business Chronicle reported.
Kolter plans to build a 196-unit luxury condominium tower at 102 West Paces Ferry Road next to the St. Regis Atlanta hotel, where its Elyse Buckhead project will offer one- to three-bedroom residences and multimillion-dollar price points in the city’s poshest corridor. The price tag on the site works out to more than $8 million per acre.
The tower will mark Kolter’s third Atlanta project, following the 21-story sold-out Graydon Buckhead, where units averaged $2.7 million, and The Dillon, which opened last year.
Just as Kolter doubles down on Atlanta’s high-end condo market, it’s also moving forward with a middle-market luxury play south of Tampa in Sarasota, Florida, according to the Tampa Bay Business Journal.
The company will demolish the aging Hyatt Regency hotel in downtown Sarasota to make way for a Hyatt Centric hotel and a 117-unit condo tower at 1000 Boulevard of the Arts.
The Centric brand is a step down from the St. Regis tier, positioned for urban travelers and younger professionals. Condos will start at $1.4 million and include ground-floor retail and restaurant space.
In Atlanta, the firm is buying big, building higher and chasing the top of the luxury market in an urban core that’s becoming more saturated with branded residences. In Sarasota, it’s anchoring its waterfront development with a lifestyle hotel and fewer, slightly more affordable condos in a tourism-centric setting.
Kolter’s two latest projects continue a years-long streak of aggressive expansion in the Southeast. In Tampa Bay alone, it has developed several major towers including One St. Petersburg, Art House and Saltaire.
![[Renderings] Kolter Urban Breaks Ground on Graydon Buckhead Condos Thumbnail](/wp-content/uploads/2020/04/graydonbuckheadwhatnowatlthumb-min.png)
