As Featured in Atlanta Business Chronicle
Kolter Urban’s Elyse Buckhead development is slated to feature 196 luxury condo units next to the St. Regis Atlanta hotel on West Paces Ferry Road. A leading developer of luxury condos in Atlanta is another step closer to erecting its next project in the city. Delray Beach, Florida-based real estate firm Kolter Urban closed on a 4.7-acre parcel at 102 West Paces Ferry Road on March 25, a spokesperson for the firm told Atlanta Business Chronicle. Kolter paid $38 million for the property. Reid Hailey of the Atlanta-based commercial real estate firm Hailey Realty Company brokered the sale. The site currently houses a decades-old shopping center and adjacent parking lot next to the St. Regis Atlanta hotel.
Kolter’s proposed tower, dubbed Elyse Buckhead, is expected to feature 196 residential units with one-, two-and three-bedroom floor plans.“ The site at 102 West Paces Ferry will allow us to continue to meet the demand of luxury buyers in the years ahead and continue to elevate the value of our existing projects,” Aaron Taulbee, development executive at Kolter Urban, told Atlanta Business Chronicle in October. Elyse Buckhead would serve as Kolter Urban’s third project in Atlanta, all of which are in Buckhead.
The company, a subsidiary of the Palm Beach County, Florida-based firm Kolter Group, entered Atlanta’s luxury condo market in 2019 with Graydon Buckhead. It is one of few residential firms to develop new condominium products in the city following the Great Recession. Kolter Urban then wrapped construction on its second Buckhead project, The Dillon, late last year. It’s located about a half-mile south of Graydon on Peachtree Road. The firm’s condos typically sell for millions of dollars. Units inside Graydon Buckhead sold for an average of $2.7 million before reaching full occupancy, the Chronicle previously reported.
Earlier this month, Ed Jahn, senior vice president of Kolter Urban, told the Chronicle that only a few condos at The Dillon were still up for grabs, with those remaining expected to be sold by the month’s end. Jahn also said the firm is eyeing opportunities to expand to other business-centric pockets of the city, such as Midtown. “We’ve done well in Atlanta on the first two buildings in regard to our sales pace,” Jahn said. “So, we’re very pleased and look forward to doing many more projects in the Atlanta area.”
![[Renderings] Kolter Urban Breaks Ground on Graydon Buckhead Condos Thumbnail](/wp-content/uploads/2020/04/graydonbuckheadrenderingwhatnowatl-min-396x324-1.png)
