The Residences at the Mandarin Oriental Atlanta in Buckhead might be finally coming to a tipping point. They recently released a smaller unit with roughly 2,000 interior square feet on the 53rd floor of the building. The price is considerably lower than the other units in the building – $1.399 million. Could they be realizing the sweet spot for condominium buyers is around a million?

Lets face it, the building has had its fair share of ups and downs, but I think this is a step in the right direction. Lowering the price point to a place where a lot of activity is taking place is a smart move. The existing units in the building (that have been built out already) are still on the market today. They did lower the prices of those units as well by a couple hundred thousand dollars.

Back to 53A. This is a completely custom residence that features an open floor plan with the kitchen, dining and living room overlooking a huge covered terrace (with a fireplace and gas grill). The master bedroom has a sitting area, morning kitchen, large bathroom with great views and a huge closet. There is also one additional bedroom with en suite bathroom and walk-in closet.

The unit is located on the 53rd floor and is slightly less than half the entire floor in terms of square footage. The unit next door is a two-story unit which is comprised of a full-floor on 54 and a half-floor on 53.

Priced at $1.399, this will be the lowest priced completed unit in the building. The pricing is slightly more than units in the neighboring Sovereign condominium – where you can get about 2400 square feet for the same price. But then, you don’t have the Mandarine name.

At this point, you can pick out all interior finishes for the unit – as well as make additional changes (not included in the asking price).

What’s for sale at the Mandarin Oriental?

Starting off the new year right, I wanted to show you the new model home at Mandarin Oriental Residences Atlanta. This isn’t a brand new floor plan, but rather a reincarnation of the Mansion that once was. I particularly love this home because of the layout and premium views. Harrison Design Associates created this masterful half-floor home in the sky.

Since re-branding, Mandarin has dropped the pricing every so slightly from $2.6 million to $2.275 million. (This particular unit originally was priced at $3,941,700 in 2008.)
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iStar Financial is set to launch the residential component of the Mandarin Oriental Atlanta (The Residences at Mandarin Oriental, Atlanta) tonight, where they will formally re-introduce the property to the real estate community.

iStar is the current financial backer of the property and entered into a 20-year contract to bring the Mandarin brand to Atlanta. Under its leadership and with no debt burden, iStar now owns and manages all operations of this landmark asset (including the hotel, condominiums and restaurant), investing millions of dollars into rebranding and reopening this property. This not only demonstrates iStar’s commitment to the project, but confirms the project’s financial stability for the future.

The Residences at Mandarin Oriental, Atlanta, is the fourth residential project for Mandarin Oriental Hotel Group in the continental United States. The property’s location on Peachtree Road, close to its intersection with Lenox Road, allows residents to live in close proximity to world-class shopping, fine dining and the center of Atlanta’s business world, along with easy access to the world’s busiest airport for any travel needs.

I spoke with John Kubicko about the Mandarin residences, the challenges they face and what they have planned for the future.  I’ll admit I did have a lengthy list of questions, so thanks to John for taking time out of his day to speak with me. Click Here for More Photos & the Rest of the Feature

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!

IStar Financial Inc. could announce plans soon to continue the shakeup of its newly acquired Buckhead property, The Mansion on Peachtree Hotel & Residences. According to numerous sources, Rosewood Hotels & Resorts will be leaving the hotel to make way for another ultra-lux hotel brand.

Sources told me the hotel will soon be managed by luxury operator Mandarin Oriental Hotel Group. The brand caters to a mostly affluent crowd and is well known for very high standards for the properties they manage. This has not been officially confirmed by iStar Financial or the Mandarin Oriental Hotel Group. That being said, a good number of people have spoken with me already about this, so I would place the validity of this happening as pretty high.

The 42-story Robert A.M. Stern-designed property has 127 hotel rooms, 45 condominiums and also includes the 29 Spa. Celebrity chef Tom Colicchio’s Craft Atlanta restaurant was previously located in the building along Peachtree Road, but has since left the project closing its doors on February 14, 2010. Sources told me Craft apparently was being paid a nice sum of money to have the star chef’s name on it’s prime location restaurant space, but couldn’t work out the terms with the new owner.

According to the today’s issue of the Atlanta Business Chronicle, the restaurant replacing Craft will most likely be Del Frisco’s, The Texas-based company has numerous locations scattered throughout the country, including Boston, Charlotte, Dallas, Denver, Las Vegas and New York. They are a high-end steakhouse brand and give each restaurant location a unique look. The article states the lease has not been signed as of yet, but they are pretty close to doing so. What do you think about having another steakhouse restaurant in Atlanta? One thing is for sure, the restaurant space is quite beautiful.

Should be interesting to see what happens!

Above: The Mandarin Oriental Atlanta – Tivoli Properties rendering

The latest rendering of the new Mandarin Oriental Hotel and Residences looks more like the world-class building I had hoped it would be. It’s sleek, modern profile fits in with the surrounding skyline, but still sets the building apart from it’s neighbors. 

I’m sure there will be some additional renderings showing the street level within a few days. This tower looks somewhat like the Mandarin in Chicago, so if you are curious you can go to the website and take a look.

There has been some discussion as to whether it’s a good time to start building a project like this. It’s going to take up to three years to complete the project. By time the building is finished, it will be a completely different market and economy. Plan for the future. 

Above: the previous rendering for the Mandarin Atlanta – the latest rendering is on the November 13th blog post.

The Mandarin Oriental Hotel Group and Tivoli Properties are expected to announce plans to build a 53 story tower with a Mandarin Oriental Hotel and 71 residences. This is fantastic news for those living near the project. When a major luxury brand like the Mandarin puts down roots, home values tend to go up. 
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