Castleberry Hill boutique condo building breaks ground and suspends sales


The end of construction could be months away, but the development team behind a Castleberry Hill boutique condo business may sense a sale coming in the near future.

the Lyrical Lofts project was such a magnet for bids, in fact, it was taken off the market. Which may or may not seem counter-intuitive.

Foundation work on a formerly vacant lot at 346 Peters Street, near Castleberry’s junction with Adair Park and Pittsburgh, has begun for the 27-condo project developed by Capital Design Group.

Seven of those lofts, including penthouses, are currently under contract, according to listing agent Angela Beck of Atlanta Fine Homes Sotheby’s International Realty.

The developers have decided not to sign any more contracts until April “to allow for adjustments to market/supply chain conditions,” and will post updated pricing afterwards, Beck wrote via email.

Mansour Maghari of Capital Acres Homes, a subsidiary of Capital Design Group, said prices are going to see “a major shift due to labor and material costs.”

Expected appearance of the exterior of 346 Peters Street at night.
Courtesy of Lyric Lofts; designs, Gamble + Gamble Architects

Deals coming in at old prices — ranging from $235,500 for a one-bedroom with 746 square feet, up to a two-level, three-bedroom penthouse priced at $624,950 for 1,842 square feet — are no longer being considered, Beck said.

Described by marketers as “industrial lofts reinvented”, the brick building designed by Gamble + Gamble Architects will rise to four floors with street retail at the base. Views of the city center from a communal rooftop terrace are described as “stunning.”

Beck said one parking space in a garage is available per unit, with about half of those having electric vehicle charging capabilities. HOA dues will be 30 cents per square foot.

Open and contemporary style in a living room. Each condo has four inch recessed LED lighting.
Courtesy of Lyric Lofts; designs, Gamble + Gamble Architects

In Atlanta, new boutique condo construction was rare to non-existent in the years following the Great Recession. More recently, projects with a limited number of units for sale have emerged from Ormewood Park, Kirkwoodand Decatur for Blandtownand elsewhere in Castleberry Hill.

Residential real estate in Castleberry Hill seems to be heating up in general; of 22 condos and townhouses currently on the market in the neighborhood, only three do not have current contracts.

Lyric Lofts was originally slated for completion in 2021, but according to Beck, delivery has been delayed until the fall of this year. (Maghari said the building will begin to go vertical with framing in the coming weeks.) Coincidentally or not, construction is finally starting to ramp up at CIM Group’s Centennial Yards megaproject a few blocks away.

“Centennial Yards will do for Castleberry Hill what Hudson Yards in New York did for the Meatpacking District,” Beck wrote.

Head to the gallery for more Castleberry context and a look at what this infill project brings to Peters Street.

• News from Castleberry Hill, discussion (Urbanize Atlanta)


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