UPDATE (July 9, 2018): JLL Hired To Market Scrapped Emerson Site As Development Property
JPX Works, the developer behind projects like Inman Quarter and the soon-to-open Lilli Midtown, has reportedly pulled the plug on its Emerson Buckhead development.
Construction has come to a complete halt on the 41-unit luxury condo project, according to well-placed sources.
Kevin McBride, one of the realtors for the project, confirmed the news in a telephone interview with What Now Atlanta (WNA) Monday.
It’s possible that in “five to six months” the project will return with “new investors, floorplans, and pricing,” he said.
The sales center is closed for the foreseeable future.
Emerson Buckhead broke ground late-2017 as one of only a few forthcoming condo developments in Atlanta among a sea of new apartments.
The 19-story tower, at 2520 Peachtree Road, was set to replace a 3-level, 47-unit residential building originally completed in 1955.
JPX acquired the existing units and 1.84-acre site in November 2015 and opened a sales gallery for the new residences at ADAC West in August 2016.
It’s unclear why the glitzy high-rise won’t be developed as planned, but the news doesn’t fare well for similar projects like No2 Opus Place—the ultra-lux condo tower set to go vertical in Midtown.
No2 seems to be adjusting its pricing strategy to reflect market demand.
The residential tower revised its floorplans to offer homes in the mid-$400,000 (versus $750,000) after nearly a year of talking to prospective residents.
Jarel Portman—founder of JPX—and several representatives of the developer did not immediately return WNA’s request for comment.