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Buckhead Place Luxury Apartments Breaks Ground
Developers recently broke ground on a 20-story residential tower at Buckhead Place in Atlanta. Coro Realty Advisors, on behalf of its client, JH Holdings, is developing the tower as part of the redevelopment of the 14-acre Buckhead Place site into a mixed-use complex.
Designed by Atlanta-based Ai Group, the tower will consist of 155 residences and 9,100 sq ft of commercial space.
Manhattan Construction Co. is serving as the general contractor. Construction is anticipated to be completed for leasing in spring 2009. A planned-for second phase would include additional retail, restaurant, residential and hotel amenities.
Georgia Contracts Tumble 37% in October
In October, it was Georgia’s residential and nonbuilding sectors that declined significantly, according to McGraw-Hill Construction, resulting in a 37% overall drop in the value of contracts signed during the month for future construction. The total value of October contracts was nearly $1.8 billion.
Residential construction continued its decline, dropping by 41% compared to last October for a total of about $798.5 million. The nonbuilding sector dropped a whopping 70% to total just $233.8 million for the month, down from last October’s $772.4 million. Nonresidential improved by 7% for a total of $729.2 million.
For the year-to-date, Georgia contract activity is now 9% behind the first 10 months of 2006, with the current value of new contracts at about $22.4 billion. The nonresidential market is the only positive sector, and is 30% ahead of last year’s pace with about $8 billion in new contracts so far. Meanwhile, the nonbuilding sector is now 11% behind last year with a roughly $3.8 billion total. Residential construction, estimated at about $10.7 billion, is now 26% behind the previous year’s pace.
New South Tops Out Millennium Gate Monument
New South Construction Co. of Atlanta recently topped out its Millennium Gate monument project. The 100-ft-tall monumental arch, situated on 17th Street in the Atlantic Station development in Atlanta, at the edge of a new park.
According to New South, the project represents the largest public monument to be built since the construction of the Jefferson Memorial. Rodney Mims Cook Jr., president of the National Monuments Foundation, is spearheading the effort.
Architects include Robert Adam of London and Collins Cooper Carusi. The project is scheduled for completion in early 2008.
McShane Construction Starts Ashley Midtown II in Savannah
Rosemont, Ill.-based McShane Construction Corp. is starting construction of a new 17-building, 38-unit apartment complex in Savannah called Ashley Midtown II. The Integral Group of Atlanta is the project developer.
McShane will construction approximately 51,500 sq ft of new construction that will include 13 two-story buildings and four one-story facilities. The contractor expects to complete the project by August.
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