When I attended the TweetUp, Steven Spivak, Director of Sales & Marketing for Loews Hotels advised us the condos on top of the hotel would most likely be corporate type rentals. Currently, Atlanta has a large number of condo rentals available, but many are unfurnished. The Loews can definitely fill a void in our market for luxury furnished rentals. They are pretty scarce if you dig deeply and try and find something worthy of a corporate executive.
With only 52 residences, it’s not like there was a huge number of condos being added to our inventory, but that is 52 less condos on the market. (Good news for frustrated developers and sellers in Midtown.) The condo portion has 5 units per floor and only 5 premium penthouse units available.
When I spoke to Daniel Corporation back in January, they told me they weren’t quite sure what the sale pricing would be. But they did give me the following estimates and square footage for the condos.
10 one-bedroom condos, starting at 1,200 square feet, with pricing from $649,000
23 two-bedroom condos, ranging from 1,880-2,270 square feet with pricing from $999,000
19 three-bedroom condos, ranging from 2,280-2,850 square feet with pricing from $1,225,000
including 5 penthouse condos available, ranging from 2,002 – 2,853 square feet.
Marketing these condos as rentals to employees of companies showing interest in relocating their offices to 1075 Peachtree might work not be the best idea. With so many available condos at 1010 Midtown, they should be offering attractive pricing to companies to get those existing units sold. Can the average employee really afford a condo which costs upwards of $1,000,000?