K
olter Urban, a luxury condo developer based in Florida, is eyeing a prime location in Buckhead for its next high-rise project. The proposed 198-unit condominium tower would rise at 102 West Paces Ferry Road, adjacent to the five-star St. Regis Atlanta hotel on a 3-acre site that currently houses a shopping center and parking lot.

    The 19-story development will feature a mix of one-, two-, and three-bedroom units, with Rule Joy Trammell + Rubio serving as project architect. Kolter Urban's target market is affluent buyers seeking a "lock-and-leave lifestyle," according to Aaron Taulbee, the firm's development executive.

    This move comes at a time when many multifamily developers have steered away from large-scale condo projects in Atlanta since the Great Recession, favoring rental high-rises instead. However, Kolter Urban has found success in the market, having previously developed the Graydon Buckhead tower and currently wrapping up construction on The Dillon, an 18-story condo project nearby.

    The limited availability of new inventory for high-income buyers in Buckhead is highlighted by data showing that only 35 of the 745 condo units sold in the area over the past year were in buildings constructed after 2010.