"37-story tower of apartments set for Midtown" (2000)

 

A third tower will rise in Midtown on the corner opposite One Atlantic Center.

A Dallas developer plans to start construction this fall on a 37- story, 420-foot apartment tower on the southwest corner of 14th and West Peachtree streets. Genesis Real Estate Group hopes to complete the apartment tower and a 1,001-car parking garage by March 2002.

The intersection at 14th and West Peachtree streets is also the site of another big project, a 23-story office tower being developed by Pope & Land Enterprises. Less than two blocks away at 14th and Peachtree streets, Trammell Crow Co. is building the Proscenium, a 23- story office tower.

"It’s going to fit in really well with the area," Genesis Executive Vice President Tom Wilder said of the project, dubbed West Peachtree Villas. The 779,418-square-foot tower will have stores on the ground floor and 686 apartments that will rent for an average of $1,200 a month.

The tract currently houses one- and two-story retail buildings. Genesis has contracted to buy the 2.5-acre tract at the southwest corner of 14th and West Peachtree from ACP III, a Pope & Land affiliate.

Randal Lautzenheiser, chairman of Neighborhood Planning Unit-E, has not seen Genesis’ plans, but he said he likes the idea of having apartments in the business district. “The more you mix in residential with commercial, it just gives it a neat feel,” he said.

Genesis’ project is one of three apartment high-rises developers are considering within the city limits. Post Properties is contemplating a 16-story high-rise at 2626 Peachtree Road in Buckhead, and Wood Partners has contracted to buy land on Pharr Road in Buckhead, where it is considering a 20-story apartment tower.

Several intown apartment high-rises and communities are being converted to condominiums. Supply is diminishing as demand increases. Wilder said some 2,000 intown apartment units have been or are being converted to condos.

West Peachtree Villas will be Genesis’ first high-rise project in Atlanta. The company is developing a similar project in the ritzy Turtle Creek area of Dallas.

A majority of the units at West Peachtree Villas —- 364 —- will be one-bedroom apartments. There will be 66 studio units and 256 two- bedroom apartments, according to Atlanta Planning Bureau records.

Wilder said Genesis picked the spot because of its proximity to the High Museum of Art, the Arts Center MARTA station and One Atlantic Center, the former IBM Tower. Genesis isn’t worried about the high volume of traffic on 14th Street that will likely increase when Atlantic Center Plaza, the office tower under construction across 14th Street, opens in October 2001.

"It’s going to help the traffic problem if people who work in the new offices lease (apartments in Genesis’ project)," Wilder said.

The Atlanta Zoning Review Board will consider Genesis’ rezoning request in early June.

Credit: Wilbert, Tony ”37-story tower of apartments set for Midtown” The Atlanta Journal Consitution [Atlanta] 20 Apr 2000, D:1