Mandarin Oriental Plans A Condo Tower In Atlanta
Just about every article I've checked out regarding the announcement of a new $285 million hotel and condo building planned for Midtown Atlanta has expressed a bit of concern over the timing. Condo crisis? What condo crisis, Tivoli Properties is set to build a 53-story building with a Mandarin Oriental Hotel and 71 condos with prices ranging from $1.8 million to $15 million. The Atlanta Journal-Constititution quotes Scott Leventhal, Tivoli's CEO and president, as saying that "now is a great time to be in the planning stage." And indeed he may be right. The condo is set to begin construction next year and finish in late 2011, that is of course if they manage to secure financing and have enough presales to go forward. The project would need to be about half-sold in order to begin building. The first 30 buyers to reserve condominiums will receive $75 a square foot discounts which would work out to six figure discounts because the average condo size is over 2,500 square feet. So far 19 buyers have made reservations.
