One of Buckhead’s most ambitious condo projects appears to have officially bowed out.
At 2520 Peachtree Road, 41 condos were slated to rise by way of a 19-story residential tower developed by JPX Works, a development firm founded by Jarel Portman, son of famed architect John Portman.
The asking price per condo was pitched at roughly $2 million and up. One prospective buyer, in fact, was ready to shell out some $6 million to score a penthouse suite, according to a report by CoStar.
Now, however, the 1.84-acre parcel is back on the market, asking an undisclosed sum. The land is enveloped by a fence emblazoned with the logos of JLL, the firm that’s helping JPX Works unload the property.
The condo project was to be called Emerson, a name inspired by the late Portman’s appreciation for the renowned transcendentalist author Ralph Waldo Emerson.
Prepping for the major development, JPX Works razed a three-story multifamily structure. Construction was expected to start this month, CoStar reported.
The Emerson project stalled in April, as officials began weighing alternatives for the condo tower—including selling the site outright.
Offloading the Peachtree Road property will allow JPX Works to focus attention on its lilli Midtown apartment tower, recently completed near the Fox Theatre. Jarel Portman previously told Curbed Atlanta the company wants to launch four other projects as well, per plans back in April.
The Midtown project brought 150 apartments to the corner of Peachtree and 3rd streets.
JPX Works secured ownership of the Peachtree Road location in 2015. Marketing efforts for The Emerson kicked off in the fall of 2016.