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Another Foreclosure For Atlanta's Peachtree Street
Filed under: Real Estate Developments
Another day, another Peachtree foreclosure. This is the second time this week we've heard about a foreclosure on a building project on the Atlanta street. The Atlanta Business Chronicle reports that a South Carolina's First Citizens Bank & Trust Co. has foreclosed on a the site which was planned to have a 50-tower with a Mandarin Oriental hotel, luxury condos, a spa and other amenities. The site was auctioned off in a foreclosure auction on February 2 on the Fulton County Courthouse steps. The developers of the hotel, Tivoli Properties, have said they will challenge the foreclosure. The one-acre parcel had been owned by TP 1138 Peachtree LLC, a subsidiary of the proposed hotel's developer, Tivoli Properties Inc. The site was bought in 2007 for $11.5 million. A year later the $285 million hotel and condo project was announced with plans for 71 condos with prices ranging from $1.8 million to $15 million. The condo was set to begin construction in 2009 and finish in late 2011. It was predicted that the project would need to be about half-sold in order to begin building. The first 30 buyers to reserve condominiums were promised $75 a square foot discounts which worked out to six figure discounts because the average condo size is over 2,500 square feet. The loan to acquire the site was issued by Georgian Bank, which failed last September, and was acquired by First Citizens Bank. A loan of $13.5 million was due last November. Although it is a coup for Atlanta to land a Mandarin Oriental, the last thing Atlanta needed was more unsold luxury condos. Even if the market picks up there is still a glut of unsold condos to be sold before unbuilt projects get their chance at being snapped up.
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