Tuesday, April 5, 2016

Two Buckhead Complexes Targeted For Redevelopment

Buckhead condo and apartment complexes are being targeted for redevelopment.

Wellington Buckhead, a 56-unit condominium complex and The Victoria, a 40-unit apartment complex, both on Roswell Road in Buckhead, are seeing increased interest in their properties for redevelopment.  The nearly four acre condominium complex was built in 1963 while the slightly smaller apartment complex was built the year earlier, in 1962.
The Victoria Apartments just north of The Wellington
Atlanta-based Edward Andrews Homes is reportedly the developer involved in the planned redevelopment.  

Saba Loghman, Land Acquisition Manager for Edward Andrews, confirmed his firm was involved in negotiations for both properties but declined further comment.  

Discussions are reportedly still ongoing, but the developer and the properties' owners are reportedly far from an agreement.  
The depth of The Wellington complex
The Wellington community is home to many older residents, which could make the required majority approval difficult to achieve.  

The complex is comprised of several two story brick buildings with clusters of units inside each entrance. The single level units offer two bedroom/two bathroom plans ranging from 900 – 1,200 square feet.  Recent sales in the complex have ranged from $85,500 to $125,000.  
Sources indicate that the developer plans to construct upwards of 100+ "luxury townhomes," likely to be priced from the $700s, on the combined properties.  Loghman indicated that the development would not happen if they are not able to get both properties to agree to sell..    

Edward Andrews' current properties are all in the northern suburbs of Atlanta, including communities in Sandy Springs, East Cobb, Alpharetta and Forsyth, among other areas.  The firm's first intown project, Broadview Place, is currently under construction at Lindbergh Drive and Adina Drive.
50 Lakeland surrounded by mature trees
Across the street from Wellington Buckhead, Monte Hewitt Homes is planning another project.  The 50 Lakeland condos at 50 Lakeland Drive were sold earlier this year and will be redeveloped into 44 three story townhomes. The existing 48 condos were built in 1957, and were all two-stories in six buildings.  

Sales records indicate that developer Monte Hewitt Homes purchased the units, each of which measured about 1,000 square feet, for about $110,000 per unit this past January.  Upon visiting the property last week, I was saddened to see that nearly all the mature trees towards the front of the property were marked with red X's likely meaning they are destined to be cut down for the redevelopment.  
The shaded courtyard at 50 Lakeland
What are your thoughts on this proposed development?  Do you think this would be good for the neighborhood?  Are you sad about Atlanta losing so many trees?

Please share your thoughts below.  


Anonymous said...

The trend in Buckhead the last few years has not been good unless you're part of the 1%. Luxury apartment buildings and condo buildings going up everywhere. All the new apt. buildings along Piedmont and Lindbergh going for 1200-1500 and up? When did Buckhead turn into DC? My rent alone is skyrocketing and my salary isn't keeping pace. This is what happens when you turn your city over to wealthy developers who only want to build housing for the 1%. I guess I'm supposed to move to Doraville or Chamblee or Gainesville or someplace where my commute becomes impossible. I'm just disgusted by this. It's clear the developers are trying to turn Buckhead into some generic paradise for the 1% while keeping the riff raff out. Must be Republicans.

Ham said...

The one thing that strikes me is the loss of more affordable housing. Yes, the units are dated and probably need to be redeveloped. However, could something in the middle make sense maybe around the $250,000 - $300,000 range? For example there are many older adults who want to live in an urban environment, but may be priced out. Also, what about the growing number of young people moving to the city while a small overpriced apartment may make sense initially eventually they want more room and it may push them to the suburbs. Most economists agree that a barbell economy with most people clustered at the lower and higher ends isn’t a good long term model.

Anonymous said...

Just wait until the next recession, when all these new 700k townhouses will repriced downwards to reality.

Anonymous said...

"It's clear the developers are trying to turn Buckhead into some generic paradise for the 1% while keeping the riff raff out. Must be Republicans."

What about Obama's mandate?


Anonymous said...

Anoymous @ 10:25 AM states that people residing in Doraville or Chamblee or Gainesville are "riff raff".

Anonymous said...

I've been in Atlanta almost 40 years. Every building boom cycle ruins it a little more. More trees come down. More traffic clogs the roads. More concrete covers everything. More cheap and badly constructed townhomes, apartments, strip malls, offices and signs get thrown up and jammed in. Most age poorly, becoming the blight of the next decade. The trees, grass, open spaces, and human-friendly feel never come back.

The most high priced and desirable communities nationwide, with the possible exception of Manhattan, value their natural beauty and don't pave over it with the intensity the Atlanta metro does.

I get that cities can't regulate the sales price of what gets built. But they can regulate the density, the locations, the trees that come down. The city of Atlanta and most of the surrounding metro cities should be ashamed of themselves for continuing to allow developers to have this much control.

Anonymous said...

How 'bout you complainers pool your resources, $400K; or 100 apartments to rent for $900/mo.

"Must be Republicans?" What a foolish statement!

Anonymous said...

How many of the people commenting about trees live in a tree house? How many trees have any of you planted?

Anonymous said...

Keep in mind that although they may be in communication, this is not a done deal! As an owner in one of the properties stated, not all are interested in selling. Even if many homeowners are willing to sell, that does not mean all are. There are a number of us who purchased here because we love the location and the property. Just because some developer wants the property doesn't necessarily mean they get the property. AND, where would we go? Many homeowners work within a few miles of this location. Loss of quality of life is a big consideration.

We are definitely losing the garden feel of Buckhead. It is looking more and more like NYC.

Anonymous said...

I'm confused by this statement:
"This is what happens when you turn your city over to wealthy developers who only want to build housing for the 1%."

Either the above statement is total bunk, or Atlanta has way more than its fair share of 1%ers.

Anonymous said...

Wow seriously 1% comments. Buckhead has always been on the trendy high priced side. Other areas like the West Side and others boomed faster recently and Buckhead was stagnant for years once the nightlife left. Ignorant comments about the 1% just prove that you are just a bunch of complainers with no motivation that require handouts because your parents weren't strong enough to put you in your place. Instead of hating "the man" how about you work hard. Funny how people want to complain about the one percent, yet have iphones and drink $10 latte's at Starbucks. By the way, I'm not a 1% guy. I work and have ambition. I strive to be wealthy. It's not a bad thing. Keep sucking the Obama/Sanders/Clinton/Democratic-Socialist teet. There are people that are meant to be successful and contributors to society. Then there is you. The kind of people that are meant to serve. Now fetch me my fries and do it quickly...I'm busy paying for your welfare and insurance. Chop chop. The bad thing with Atlanta's growth in general, is the lack of infrastructure. Old sewers, crappy roads and no easing of congestion. Build away, but get the infrastructure right first.