Post Properties Inc. will begin closing sales immediately so the first residents can move into the Ritz Carlton Residences in Buckhead, its first Atlanta high-rise condo project. Dave Stockert, president and chief executive of the company, made the announcement during the company’s third quarter investor call.
Atlanta-based Post, one of the country's largest developers and operators of multi-family communities, now wholly owns the project, all adjacent land and infrastructure associated with the condo project, according to the company’s third quarter financial report.
Post earned $21.7 million, or 44 cents per share, for the third quarter, down from the $50.2 million, or $1.13 per share, earned in the third quarter of 2009.
The company posted $72.9 million in revenue, up from $69.4 million a year ago.
Post's net income figure included a net gain of $20.9 million related to the acquisition of the condo project, according to a news release from the company.
The mixed-use high-rise near Phipps Plaza, which Stockert previously said would be “one of the most notable vertical, urban mixed-use communities in Atlanta,” already has five contracts, he said Tuesday.
“There are people who let us know they wanted to be in the building, but we were unable to move forward with contracts before this time,” he said. “We now expect to open the building and have our first residents move in next month.”
Post initially partnered with Novare on the project, but now wholly owns the condo portion of the building. Novare is still involved but is no longer a financial partner, Stockert said. The commercial and retail portions of the building are owned by Duke Realty, he said.
A number of businesses have signed leases for office and retail space, according to a press release from Duke. They include Atlanta-based Teavana Corp., a specialty tea and tea accessory retailer that will absorb 19,000 square feet for its corporate headquarters; and VRA Partners, an independent Atlanta-based investment banking firm that will occupy 9,000 square feet.
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