No2 Opus residential tower moves ahead after stalling

by Richard Lawson

New York-based developer Olympia Heights landed the approval it needed from the city of Atlanta to proceed to the next step toward building No2 Opus, the Midtown luxury condominium tower that would be the tallest building in Atlanta.

The city’s Bureau of Planning approved a special administrative permit that allows Olympia Heights to add about 214,000 square feet of commercial office below the 182 condos.

“No2 Opus Place is one step closer to breaking ground, having earned a key approval from the city of Atlanta this week,” said Lori Lane, Berkshire Hathaway HomeServices’ senior vice president and cofounder of CITY HAUS, the sales and marketing partner for the tower.

Though they haven’t yet broken ground on the tower, site excavation began about a year ago, and the building was supposed to been rising by now. Plans changed when the developer removed the hotel from the design.

Instead of completion in 2020, the new plans call for construction to be finished sometime in 2021. Lane said interest in the building has increased since the commercial office component was announced in October. Roughly 30 percent of the condo units are under contract.

Based on price point alone, this building could significantly change the supply picture for luxury condos in Atlanta. The smallest units start at about $600,000 and the penthouse units carry a price tag of about $12 million. There were 196 closings of condominiums and townhomes in the $600,000-and-up range between Oct. 1, 2017 and September 30, 2018 according to Engel & Volkers’ third quarter report for Atlanta. For condos alone, the number of active listings increased 5.9 percent and the median sale price climbed 17.2 percent during this same time period.

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