For now, one of Atlanta’s most eagerly watched high-rise condo projects is hitting the brakes.
Officials with JPX Works, developers of Inman Park’s Inman Quarter and a new Midtown apartment tower, tell Curbed Atlanta they’re reevaluating how to proceed with prime Peachtree Road acreage in Buckhead while juggling several other projects in the works.
The proposed tower was christened Emerson two years ago in homage to the author, who deeply impacted the work of noted local architect John Portman, the late father of JPX Works founder Jarel Portman.
Planned for the 2500 block of Peachtree Road, on the site of a demolished midcentury low-rise, Emerson’s 44 condos had been priced from more than $2 million.
Portman said this week that some investors are still pulling for Emerson, but many options for the land owned by JPX are being considered.
Those options could include a redesign of the tower for a lower cost per square foot, selling the land, or warehousing the site for the next development cycle, Portman said.
“Clearly, we want to do what’s best for Atlanta,” Portman wrote in an email. “Yet we also want to be prudent, as we have four other projects we want to do as well.”
Elsewhere, JPX Works’s 25-story lilli Midtown apartment tower is finishing construction near the Fox Theatre at Peachtree and 3rd streets, as residents move into lower floors.
Rents at the ODA-designed building start around $2,000 and climb north of $8,000 for airy penthouse units.