Remember back in January when I first broke the story about Crescent Heights purchasing the unsold units at The Atlantic? Fast forward a few months later and we have 324 less condo units in our inventory. As many industry insiders expected, the new owner converted the remaining units in the building into rentals. What does this mean for existing owners in the building? At least two owners have decided it’s time to sell and move on, and two more putting their units into the rental pool (competing with a huge amount of never-occupied units).

“This truly is a unique opportunity,” said Tomer Bitton, Principal with the Crescent Heights(r) group of companies. “We are responding to the trend of leasing vs. buying in the marketplace. The Atlantic is, without a doubt, the pinnacle of urban living in Atlanta, unparalleled in design, views, amenities and location. And based on the overwhelming initial response we’ve received, these homes will not be available for long.”

There are 324 never-before-occupied homes available for lease starting at $1,650 a month. The Atlantic offers a choice of six unique floor plans with over 50 options to suit every kind of lifestyle. Residences range from one, two, and three-bedroom layouts to two-story, 3,000 sq. ft. penthouse condos. Needless to say there are plenty of choices!

On the trend of leasing versus buying… I’m seeing the buying market come back strong – in a huge way. Many of the buildings that were having trouble are now selling quite well and hat includes the luxury market. Condos over $1,000,000 are selling again at a good pace. I think had ST held out a bit, they could have probably sold the remaining units at The Atlantic.

Given the lack of quality rentals in Atlanta right now, I suspect the project will be a huge success.

Looks like the Mandarin Oriental Hotel is indeed taking over the Mansion on Peachtree. According to the Atlanta Business Chronicle, the company has inked the deal and is set to transition into the hotel starting this coming April. (I broke the story last week on my blog.) Sorry Midtown! It is definitely easier for the brand to enter the market utilizing an existing high-end building, rather than starting from scratch. The Mansion is a beautiful property as-is, but I’m sure the folks at Mandarin are going to come in and make it even more upscale and unique. I’m looking forward to the changes!

*Update 5/16 The Urban Market is no more. My source has told me there will be something else taking its place. Ill let you know once I have more information.

My good friends over at the Four Seasons Hotel Atlanta told me something you might want to check out. Each Friday evening from 5:00 pm to 7:00 pm they are going to be setting up an Urban Market in the Resident’s Lobby. What can you find there? Try local, seasonal and artisanal items including produce, homemade specialties, bakery items, beverages, flowers and more.

If you have dined at Park 75 before, you probably have heard chef Robert Gerstenecker has taken the upper terraces planters and turned them into a private garden. He has done some great things to bring Atlanta foodies their farm-to-table wishes.  He produces his own honey, pickles, preserves and even grows herbs and produce on-site (lemon verbena, basil, sage, bay leaf, mint, oregano, vine-ripened tomatoes, rare peppers, edible flowers, lettuce, zucchini, radishes and much more). Check out this video where Chef Robert takes you on a tour of the rooftop garden.

Now you can take home some of those fresh items and share them with friends and family. Head over to the atlantaSKYrise Facebook page to see some photos from the Urban Market.