Latest phase of Alpharetta’s City Center moving forward
Alpharetta’s City Center project is moving into its next phase with new apartments, street-level retail and restaurants, including the Old Fourth Ward landmark Highland Bakery. An Atlanta development team of Morris & Fellows, MidCity Real Estate Partners and South City Partners recently completed the purchase of just over 4 acres. A price was not disclosed. Click here to view the original article in the Atlanta Business...
read moreMidCity, South City Pursuing Tax Abatement For Alpharetta Project
Developers for the mixed-use phase of Alpharetta’s City Center project are pursuing more than $70M in bond financing to get started. Under the moniker MMS Alpharetta, the JV team of MidCity Real Estate Partners, South City Partners and Morris & Fellows is slated to develop three mixed-use buildings and a handful of freestanding restaurants in the 25-acre master planned Alpharetta City Center. Now, $72.5M in revenue bonds are set to be approved, which will translate into property tax breaks for the developers over the course of a decade. They would fund a mix of office, apartments, retail and restaurant spaces, according to documents filed in Fulton Superior Court. Click here to view the original article in the Bisnow...
read moreAlpharetta City Center on tap for downtown
In February 2015, with input from a variety of planning and development partners, the city of Alpharetta published a Downtown Master Plan, which was designed to accommodate the area’s growth and transform the downtown business district. The primary component of the plan, City Center, is a $45 million redevelopment project covering 25 acres in the heart of downtown. “Alpharetta has envisioned a revitalization of the downtown area for more than a decade,” said Alpharetta Mayor Pro Tem Chris Owens. “On two previous occasions, the City Center project was planned, but outside market forces caused the project plans to be postponed.” Click here to view the original article in the Atlanta Business...
read moreMore mixed use planned in Alpharetta
ALPHARETTA- The downtown area is ready for more mixed use, said Kirk Demetrops, president of MidCity Real Estate Partners. Final plans are underway for the 25-acre Alpharetta City Center, a public-private partnership transforming the area into a walkable, livable community that includes 27,500 square feet of restaurants, 28,340 square feet of outdoor dining and 48,560 square feet of retail, along with 168 residential units and 29,950 square feet of office space. This is surrounded by 87,900 square feet of open space that includes a town green. This Article Originally Appeared in the Atlanta Business Chronicle For More Information, Please Click...
read moreCrocker Partners and MidCity plan Sandy Springs project along Georgia 400
Developers in Atlanta’s central Perimeter are drawing up plans for more projects, as tenants look to expand while existing office space fills up. The latest ambitions come from a joint venture between Atlanta’s MidCity Real Estate Partners and Florida-based Crocker Partners. The companies want to develop NorthPlace, which could include up to 370,000 square feet of office space. The 3.7-acre site stands at Barfield Road and Georgia 400 in Sandy Springs and just southeast of the new Mercedes Benz USA headquarters. The site has been a target of development for years. Crocker bought it in 2007, just before the downturn. Today, Barfield Road is part of an active corridor connecting Hammond Drive, Mount Vernon Highway and Abernathy Road, an area home to blue chip companies such as UPS, Global Payments, and IBM (ISS). Earlier this year, Mercedes Benz said it was relocating its headquarters from New Jersey to a site on Abernathy. Ashton Woods Homes also plans to convert the 76-acre site around the headquarters into a mix of townhomes, flats, apartments and retail. The development could feature more than 1,000 planned housing units. Anticipating that residential growth, NorthPlace developers have plans for ground floor retail. The site’s density can also be adjusted based on the needs of tenants, and it could accommodate build-to-suit projects from 20,000 to 100,000 square feet. “What makes us different is that we can dial up the density or go smaller,” said Kirk Demetrops, president and founder of MidCity Real Estate Partners. The joint venture has started marketing the property and needs significant pre-leasing before it would launch construction. Warner Summers – Architecture is designing the project. Across the central Perimeter, plans for new projects show how much demand Atlanta’s largest single office district is seeing from prospective tenants — and how much the market’s class A space is tightening. Overall vacancy is the lowest in over eight years, with class A vacancy dropping to 11 percent, according to market data. Roughly 2 million square of tenants in the market have leases expiring over the next two years, Demetrops said. Companies are also expanding. Atlanta Business Chronicle is reporting today Enterprise software maker VMware Inc. (NYSE: VMW) plans to expand its Atlanta-based AirWatch business — a move that would create more than 300 jobs. Palo Alto, Calif.-based VMware is said to be scouting the central Perimeter and north Fulton for at least 50,000 square feet of space. General Electric officials are also expected to tour buildings and sites across Atlanta as the company considers Georgia as a possibility to relocate its Connecticut headquarters. The Wall Street Journal recently reported a decision could come by the end of this year. Big blocks of class A Perimeter office space are drying up, as new development has been limited by tighter lending and rising construction costs. The last speculative office building to break ground in the central Perimeter was almost 10 years ago, according to data from real estate services firm Cushman & Wakefield. One of the few class A blocks just became available after Newell Rubbermaid Inc. decided to move its corporate headquarters from one side of Georgia 400 to the other. Developers see an opportunity, especially along Abernathy and 400. Later this year, Hines plans to start a spec office project on 14 acres at Mount Vernon Highway, Abernathy Road and Georgia 400. Cousins Properties Inc., Ackerman & Co., and H.J. Russell & Co. also formed a joint venture to develop a mixed-use project on the same corridor. All this comes as rents soar to...
read moreCity Center Approved by Alpharetta
ALPHARETTA, Ga. – In a 5-2 vote, the Alpharetta City Council approved plans for a new mixed-use City Center. With a packed council chambers, the developer, MidCity Real Estate Partners, pitched their $80 million plan May 18. The team has worked on similar projects such as the Woodstock downtown. The development includes retail and restaurants on the ground floors of the buildings in front of City Hall, with offices and apartments on the upper floors. Plans call for 165 for-rent apartments in the development. In total, there could be as much as 50,000 square feet of retail and 30,000 square feet of office in addition to the apartments. Forty-two single-family homes are also planned for the development, across Haynes Bridge Road at the intersection with Thompson Street. This Article Originally Ran in the Alpharetta-Roswell Revue & News For More Information, Please Click...
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