K
olter Urban has acquired a 4.7-acre site in Atlanta's Buckhead neighborhood for $38 million, marking its third project in the area. The luxury condo tower, Elyse Buckhead, will feature 196 units with price points reaching into the millions and is set to be built next to the St. Regis Atlanta hotel.
The purchase price of over $8 million per acre underscores Kolter's commitment to high-end development in Atlanta. This follows the success of its previous projects, Graydon Buckhead and The Dillon, which have already sold out.
In a contrasting move, Kolter is also developing a middle-market luxury project in Sarasota, Florida, where it will demolish an aging hotel to build a Hyatt Centric hotel and 117-unit condo tower. Condos will start at $1.4 million, targeting younger professionals and urban travelers.
Kolter's expansion strategy in the Southeast continues with these two projects, which join several other major developments in Tampa Bay, including One St. Petersburg and Art House.
