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2520 Peachtree is an 80,000 square foot site (approximately
1.84 acres) on the west side of Peachtree Road just north
of Lindbergh in Buckhead.
Zoned RG3 the site is currently improved with a three (3)
story, forty-seven (47) condominium unit project and eighty-seven
(87) parking spaces.
2520 Peachtree Road Condominium Association, Inc., a Georgia
nonprofit corporation, has entered into written agreements
with all 47 owners of condominium units within 2520 Peachtree
Road Condominium which give the Association the right and
option to purchase these condominium units under certain conditions
more specifically set forth in the written agreements. A memorandum
evidencing each of the written option agreements has been
or will be recorded in the land records of Fulton County,
Georgia. A sample option, and sample recording memorandum
are included on this site.
Under the agreements executed by the Association, the Association
has until December 31, 2006 to exercise the option to purchase
all 47 condominium units. In the event the Association does
not exercise the options to purchase the condominium units,
each of the options shall expire and be of no further force
or effect. Between now and December 31, 2006, the Brokers
will use their best efforts toward procuring a contract for
the purchase and sale of all 47 condominium units with a third
party developer or investor. The Association and the third
party will work toward a mutually satisfactory closing of
all 47 units as one complete parcel of realty.
Once the option to purchase the 47 condominium units has
been exercised, the closings of the units shall be scheduled
to occur within 180 days from the date of the exercise of
the option to purchase. Upon certain conditions, a 90 day
closing extension may be obtained.
This equates to $112.50 per land foot or $67.86 per FAR square
foot.
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