During a question and answer session at a recent industry conference, a home builder asked Moody’s Analytics chief economist Mark Zandi for his thoughts about the labor
To create a successful condominium high-rise development dedicated to the luxury home market, it all starts with a great location, says Atlanta builder/developer Jim Henderson.
To create a successful condominium high-rise development dedicated to the luxury home market, it all starts with a great location, says Atlanta builder/developer Jim Henderson. ôAfter that,ö he says, ôyou need to provide superior-quality materials, top-of-the-line amenities, attentive services and 24/7 security.ö
|Park Regency occupies a 2.4-acre site in Buckhead, Atlanta's most desirable location. Although "livability" was the primary design consideration for each residence, builder/ developer Jim Henderson says, the 25-story (three stories are underground) luxury condominium project is notable for its beauty.|
|The climate-controlled wine cellar and tasting room, which residents share, features the same luxurious appointments that characterize the entire project, including limestone and wood flooring, custom-quality cabinetry, and granite countertops. ö|
|Every condominium has a 6-foot-wide balcony. Depending on their location in the building, owners can enjoy a view of the Buckhead skyline, downtown Atlanta, Stone Mountain or the forested Northern Crescent. Park Regency's elaborate site plan reflects this outdoor orientation, says Joe Sawyer of Hughes, Good, O'Leary & Ryan, which developed the project's land plan.|
|Model U features an open living and dining room arrangement that makes the most of the balcony view.|
Henderson certainly seems to know the secret to success. Park Signature Properties, the development company founded by Henderson and partner John Kusmiersky, opened Park Regency, its third high-rise luxury condo project in Atlanta, last October. Half of the 25-story projectÆs 140 residences have already been sold.
Located in AtlantaÆs exclusive Buckhead district, an area recognized for a vibrant mix of residential and commercial property, Park Regency has much to offer its target market of upscale empty nesters, never nesters and young professionals. Rated as one of the countryÆs ôtop 10 affluent communitiesö by Robb Report magazine in 2001, Buckhead provides an almost irresistible draw to AtlantaÆs top echelon of urban residential buyers with its beautiful mansions, first-class stores and fine restaurants. Condo owners at Park Regency are within walking distance of AtlantaÆs finest shopping, dining, business and entertainment centers.
ôThis is really a location, location, location project,ö Henderson says. ôYou can literally walk to everything from here. It is a great way to get people out of their cars. On the other hand, if you do need your car, you are close to all of the major highways. Hartsfield Airport is only 20 minutes away.ö Park Regency features three levels of deeded parking for owners.
While many of the condos at Park Regency serve as primary residences, some buyers purchase a secondary home. ôWe have buyers who want an in-town vacation home,ö Henderson says. ôTheir getaway is to come to the city for the weekend.ö
Seven standard floor plans are available at Park Regency, and customization options make every condo truly individual, Henderson says. Buyers have a wide range of choices, including color schemes, types of flooring, moving nonstructural walls and adding crown molding.
Thanks to Park RegencyÆs crescent-shaped design, each floor plan has a unique shape and design. Beginning on the 21st floor, 16 one-of-a-kind residences feature open-air terraces. Prices range from the high $200,000s for 1,150-square-foot, one-bedroom units on the lower floors to more than $2 million for 3,000-square-foot-plus condos on the upper floors.
The buildingÆs exterior features a tremendous amount of glass, Henderson says, so that every residence has plenty of natural light. In addition, every unit has a 6-foot-wide balcony that extends living space to the outdoors and lets residents take advantage of the mild Atlanta climate and the impressive urban and scenic views offered by the location. ôThis is a very desirable and unusual feature for a high-rise,ö Henderson says.
One of the most popular floor plans with buyers is Model U, a 2,495-square-foot, three-bedroom, 31/2-bath condo priced from $800,000 to $1.2 million depending on customization options and location within the building. Buyers can eliminate the wall between the master bedroom and the den, creating a single large master suite. The third bedroom then can be used as a den or an office.
ôWe find that most people who are buying a home in a high-rise really only want two bedrooms ù a master suite and a guest suite,ö Henderson says. In Model U, the master suite and guest suite have their own full baths. Bedrooms are at opposite ends of the living space to provide additional privacy.
Model U also features a formal entry foyer, an open living and dining room arrangement, and a gourmet kitchen. The balcony extends the full width of the floor plan and can be accessed from nearly every major room. The balcony adds 460 square feet of outdoor living space to the residence.
Finishes and amenities in this model typify the superior quality used throughout Park Regency, from the private residences to the community areas. These include floor-to-ceiling windows; marble, limestone and wood flooring; solid-core, raised-panel doors; full-size washers and dryers; separate tubs and showers in all master bathrooms; and high-end appliances. And all major rooms have 9-foot ceilings.
Soundproofing is provided underneath all hard-surface flooring in every condo, and double wall systems with sound batts in common walls eliminate noise transmission between residences.
Residents at Park Regency pay an association fee, similar to that in a gated community, that covers expenses such as building maintenance, insurance, cable television, water and sewer, staff salaries and landscaping.
Style of Home | High-rise luxury condominiums
Name | Park Regency
Location | Atlanta
Grand Opening | October 2001
Total Homes | 140
Sales to Date | 70 (spec-built and built for clients; some units were pre-sold)
Builder/Developer | Park Signature Properties, Atlanta
Architect | Burt Hill Kosar Rittleman, Pittsburgh
Interior Designer | Jack Adams, Honolulu
Land Planner | Hughes, Good, OÆLeary & Ryan, Atlanta
Hard Costs | $200 per square foot
Price Range | $200,000s to $2 million-plus
Average Price per Unit | $700,000
Major Products Used | Appliances: Bosch, Sub-Zero, Thermador, Sharp | Cabinetry: SieMatic | Countertops: granite, marble | Doors (interior): solid wood, three-panel | Flooring: wood, marble, limestone, carpet | Plumbing Fixtures: Kohler | Hardware: Schlage | Underfloor Sound Abatement: Acousticork
|The master bathroom in every floor plan at Park Regency includes a separate tub and shower. Marble tub surrounds, countertops and floors complete the luxurious ambience that high-end buyers desire in this important retreat space. The master bath in Model U features a separate water closet, a dual-basin vanity and a separate sit-down vanity.||Customization options let buyers create unique residences at Park Regency. The master suite can be expanded in Model U by eliminating the wall between the bedroom and den, creating what Henderson calls a "super master suite." Similar to the rest of the living space in this model, the master bedroom has balcony access.|