If you’ve driven down East Andrews Drive where it meets West Paces Ferry Road, you’ve probably noticed that the popular Buckhead apartments, The Paces (circa 1967), no longer stand. Currently, in its place is a construction zone that’s roughly 30 acres in size. The Camden Property Trust, a development company based in Houston, bought the land for $39.3 million in 2012 and is currently in the process of building a community of 376 luxury apartments there. The company has extensive experience in the Buckhead and “intown” Atlanta markets, having developed such properties as The Brookwood on 26th Street, Ivy Hall at Piedmont Avenue, and Midtown Atlanta on Ponce de Leon Avenue.
The Paces property could not be in a better location as it sits right at the epicenter of Buckhead’s most popular restaurants, boutique and bars, and is just seconds from the Governor’s Mansion, Cherokee Town & Country Club and raved about hotels like the St. Regis. Because of its location, the new project will undoubtedly attract single families, Generation Y workers and affluent empty nesters who want to live in the city.
The developers plan to create a property that represents classic Buckhead, exterior to interior, using architecture inspired by the style of 20th century architect, Neel Reid. The interior of the units will most likely include granite stone countertops, wood flooring, tall ceilings and the best selections for molding, cabinets and doors. There will be two buildings, one more luxurious than the other, and three or four level townhomes that will front onto East Andrews Drive. The development will have “podium” style parking; two levels below-grade parking with seven residential floors on top.
Camden Property Trust has not announced rental amounts. Construction is expected to be completed by early 2014. Rental rates have not yet been announced. We will be sure to keep you posted on their progress!
