Atlanta condor condo owners will bid on at least $4 million in a condo sale for the first time in a decade, with an announcement expected Friday.
The listing comes just months after the city’s zoning board approved a resolution to build a new condominium complex, the Cobb Metropolitan Regional Planning District announced last month.
It was the first step toward a potential condo development near the airport.
The Cobb Metropolitan Planning District is offering to sell four units at $2,400 per month for the next 30 years for the new complex, which will be constructed by a developer from the city.
The units are located in the Cobb Northgate condominium district and are currently available for rent.
“This development is in the core of Cobb Northside and it is an important element of the community,” Cobb Northstar Condominium President Mark Mims said.
“We’re excited to be able to make this happen.”
The Cobb NorthStar Condominiums are the latest development to emerge from Cobb North Star condominium, which opened in 2012 and is located on the east side of Cobb County, north of the city limits.
The condominium community offers a unique experience for residents, with a variety of housing options and amenities.
The city’s condo development authority said the Cobb Metro Regional Development Authority is negotiating with the developer to design and construct the new condontainment complex.
Cobb NorthSTAR Condominium said it is excited to partner with the City of Atlanta on the development and is ready to move forward with this important project.
“We’re very proud to be a part of the Cobb Community and we are thrilled to be moving forward with the construction of the new Cobb NorthStars condominium project,” Cobb Southstar Condo Co-owners Michael R. McElroy and John B. McGlade said in a statement.
The $4,300 per month rate for the units is a little higher than the city rate for single-family homes in Cobb.
That means the units will cost less than the current city rate of $2.2 million for single family homes.
A Cobb North STAR condo in the city is currently available rent for $2 per month.
A $4 price tag is not expected to make a difference to a lot of Cobb residents, who have been priced out of a number of condominium projects in the past.
The current condominium development is a landmark in the Northside development, which includes a grocery store and a boutique hotel.
In recent years, the area has seen the construction and revitalization of many new commercial and residential units.