mansion on peachtree

Last month I mentioned that Atlanta's one of Atlanta's priciest condo projects, Mansion on Peachtree, was in deep financial trouble. The project was reportedly carrying a total debt of $187.4 million, a number above the original $165 million projected for the building. The Atlanta Business Chronicle reports that the project was sold in a foreclosure auction this week for $66.1 million to an affiliate of the lead lender, iStar Financial.

The 42-story hotel/condo project is home to luxury condos and a five-star hotel operated by Rosewood Hotels & Resorts. The building also includes NEO, a contemporary Italian restaurant, the fourth location of Craft from restaurateur Tom Colicchio. Craft Atlanta and the 29 Spa. The project was announced to great fanfare back in 2006 but by the time it opened in 2008 the Atlanta real estate market was already mid-slump. Some people who wanted to get into the project couldn't sell the homes they already owned and the high prices of the condos dwarfed the prices of some homes in the area. Last June a penthouse in the mansion sold for $4 million but it was originally listed at $10.2 million. The hotel and related businesses remain open.

It is one of Atlanta's grandest new developments but the Mansion on Peachtree may be in deep financial trouble. According to the Atlanta Business Chronicle, the project is facing foreclosure. The project developer has said that a 30-day foreclosure notice is expected tomorrow unless something else happens. Last week Clark Butler, president of City Centre Properties LLC and Mansion Centre Development LLC said that he was in discussion with lenders to work out a deal. If no deal is reached iStar Financial, the primary lender, would receive the property. First Citizens Bank is a secondary lender holding the mezzanine debt. The Atlanta Business Chronicle article reports a total debt of $187.4 million which is above the original estimated price of the project, $165 million.

The Mansion at Peachtree is home to luxury condos and a five-star hotel operated by Rosewood Hotels & Resorts. The building also includes NEO, a contemporary Italian restaurant, the fourth location of Craft from restaurateur Tom Colicchio. Craft Atlanta and the 29 Spa. The project was announced to great fanfare back in 2006 but by the time it opened in 2008 the Atlanta real estate market was already mid-slump. Some people who wanted to get into the project couldn't sell the homes they already owned and the high prices of the condos dwarfed the prices of some homes in the area. Last June a penthouse in the mansion sold for $4 million but it was originally listed at $10.2 million. Tourism continues to be fairly sluggish in Atlanta so the project has been hit from two angles. The developer insists that its a great project, just one that launched at an unfortunate time.

Rosewood Hotels & Resorts has partnered with Ralph Lauren to create a one-of-a-kind Valentine's Day getaway for stylish couples, called "Ralph Lauren Romance Always Yours." Celebrating the 10th anniversary of Ralph Lauren's Romance fragrance and the launch of their newest scent, Romance Always Yours, the package is available at select Rosewood properties including the famed Carlyle Hotel in New York (above); Rosewood's flagship hotels in Dallas, Rosewood Mansion on Turtle Creek and Rosewood Crescent Hotel; as well as the Inn of the Anasazi, A Rosewood Hotel in Sante Fe; the Mansion on Peachtree, A Rosewood Hotel & Residence in Atlanta; and CordeValle, A Rosewood Resort in San Martin, CA.

The two-night package, which starts at $799, includes a luxe room stocked with gifts including a bottle of champagne upon arrival and a custom monogrammed Ralph Lauren cashmere throw. A private candlelit dinner, created specially by one of Rosewood's acclaimed Executive Chefs, will be served en-suite. The indulgence will continue the following day with complimentary spa treatments for two and a limited edition bottle of Ralph Lauren's Always Yours, featuring a delicately hand-crafted glass dauber faceted like a diamond, to take home as a souvenir of an incredible weekend. See the gallery for pix of the participating properties.

The Mansion on Peachtree joins the ranks of Atlanta, Georgia condo projects in the Buckhead area (check out our growing list of Atlanta condo projects in the gallery below). It is A Rosewood Hotel and Residence located in the heart of Atlanta. The hotel is set to open next month and has 96 rooms and 31 suites as well as 45 residences. Hotel amenities include a personal butler to assist guests during their stay, a chauffer service, a GPS pocket navigator and professional in-house auto detailing. The hotel also has Atlanta's first complete Technogym Fitness Suite, a15,000 sq. ft. a 29 Spa and an expansive lap and leisure pool. The guest rooms range in size from 480 to 600 square feet and the suites are 680 to 2,350 square feet. Rooms have lush carpeting, generous draperies and furniture finished in dramatic high-gloss macassar ebony with polished chrome detailing. The bathrooms have marble top vanities, dual wash basins, walk-in shower and a deep-soak tub with wall-mounted LCD television. There will be two restaurants, . NEO, a contemporary Italian restaurant and the fourth location of Craft from restaurateur Tom Colicchio. Craft Atlanta will front Peachtree Road and be separate from the main tower. Units start at $2.6 million and go up towards $12 million to buy the penthouse.