Kirk Demetrops brought Main Street to the suburbs
Like many cities, Alpharetta had to adapt. For decades, the expansion of regional shopping centers stole the vibrancy of its main street. Merchants struggled to thrive, as downtowns became a pass-through on the way to the stores and restaurants at suburban regional malls. Today, it’s a much different story. In the age of Amazon, what once involved driving to your favorite store to shop now takes just a moment on your smart phone or laptop. For Atlanta’s largest owners of retail space such as DDR Corp. and Simon Property Group, it’s been a challenge to keep their projects relevant. For cities such as Alpharetta, it’s created an opportunity for rebirth. People want to spend time again in once forgotten downtowns. Some visit new restaurants popping up on town squares. Others take advantage of new greenways and open spaces. A little over four years ago, Kirk Demetrops, founder of Atlanta MidCity Real Estate Partners, pursued a new project called Alpharetta City Center. Demetrops assembled a development team that included South City Partners, Morris & Fellows and Hedgewood Homes. Today, the project includes 75,000 square feet of restaurant and retail space, 36,000 square feet of office, 168 apartments and 42 single family homes — a “mini-town” that brought Main Street back to life. “Demand has been phenomenal,” Demetrops said. “Alpharetta, deservedly so, set a high bar for us. “The partners I brought in really delivered spectacular product. Most of the project is 100-percent leased or owned, including a corporate headquarters and eclectic group of retailers and restauranteurs.” MidCity, which has developed more traditional office projects along Georgia 400, continues to look for more opportunities for downtown redevelopments. Demetrops joins a number of developers, architects and urban designers that are bringing new, walkable projects to the region. What led you to your career? I started my real estate career one month after graduating from undergrad, celebrating 30 years in the business earlier this year. Initially, I thought the industry was compelling by combining business/finance to a hard asset. As my career transitioned to development 20 years ago, I really found that I could use my “visual” strength as person to lead the creation and execution of a development/redevelopment. Who has been your greatest influence in your career or job? In 2000, Joel Griffin met with me (and my partner at the time) and offered to buy our company, Forum Realty. Forum was early in Atlanta, with the idea of redevelopment and going back in town to look at opportunities. Joel gave us the backing and infrastructure, and let us go to work. We did interesting deals all over, from Grant Park to Alpharetta. Joel had many tremendous qualities, but I mostly remember his positive attitude, which was infectious. What has been your biggest challenge? The development business is cyclical, and the Great Recession certainly emphasized that reality. However, I think our biggest challenge is time. The deals we are pursuing are complicated, with many moving parts and partners. Many take two to four years to put together. This adds a significant level of additional risk. What has been your most rewarding moment in your career? As a developer, we get to see our end product and can look back at the steps taken to get there. I really like figuring out the form and function of a development, the right mix. I consider MidCity a “custom” developer that brings a unique solution to the development/redevelopment of a property. In the 1990s, so much development in North Fulton was clustered along Georgia 400. How does the city-center trend in Alpharetta, Duluth, Suwanee, etc. underscore important changes in suburban Atlanta land use patterns? I think everyone wants...
read moreDeveloper proposes swapping hotel for office building in Sandy Springs, Ga.
A developer wants to change a 14-year-old plan for a project in Sandy Springs to swap a hotel for one of two office buildings. MidCity Real Estate Partners sees demand for an additional hotel due to the Mercedes-Benz USA headquarters and the City Springs mixed-use development nearby the 3.7-acre NorthPlace site at Barfield Road and Mount Vernon Highway, according to a Reporter Newspapers story. Fulton County approved the original designs for NorthPlace in 2004 before Sandy Springs incorporated. MidCity Real Estate Partners is seeking to have Sandy Springs approve a hotel in place of one of the office buildings, with construction to start next year. The building site at 6403 Barfield Road is west of Ga. 400 and is adjacent to the Promenade at Northplace condo development. It is located at 6403 Barfield Road. The original plan was for two multistory office buildings with ground-floor retail. Under the new proposal, one of those buildings would become a 7-story Aloft hotel, a brand owned by hotel chain Marriott. The footprint is identical, and the only change is the use of one of the buildings, said MidCity executive Kirk Demetrops. Read more here. This story was originally published in the Atlanta Business Chronicle on October 3rd, 2018 and is written by Jessica Saunders. To read the original post, click...
read moreMixed-use development booming in metro Atlanta area
Is Atlanta’s love affair with the car over? If recent mixed-use projects in development across the metro area are any indication, autos may soon become optional. The drive to get out from behind the wheel and walk, bike or hop on public transit is fueling an array of new construction projects with live-work-play themes. While mixed-use developments have changed the metro area landscape in recent years, even more are rising both intown and in suburban communities. Developers are devising projects with retail and restaurant spaces, offices, recreation and residential components. And all include some element of travel that does not involve a car. That fact pleases the staff of the Atlanta Regional Commission (ARC)’s Livable Centers Initiative, which has been working toward . “The basic premise of the [LCI] program was to get people out of their cars and create this environment where you can live, work and play in close proximity,” said Sam Shenbaga, ARC’s community development group manager. “That program has been successful throughout metro Atlanta, as we now have about 119 designated LCI areas where we want to create these dense, walkable communities. And it’s been happening as much in downtown, Midtown and Buckhead as Acworth, Woodstock and other outlying suburbs.” Establishing these projects may take longer in some areas, he added. “Midtown has had this idea for a long time,” he said. “But sometimes it’s slower to come to other areas where the idea of doing dense, walkable, mixed income projects might be new.” Still, Shenbaga said he is celebrating the successes. “Since the program began in 1999, vehicle miles traveled per capita has dropped by 13 percent, and while it’s not all from the LCI program, LCI has had a big role in making that happen,” he said. “Twenty-nine percent of commercial development and 69 percent of office development has been in these projects that get people off the roads and walking and biking more. They’re in communities with apartments, condos, grocery stores, parks and bike trails, so people don’t need to get in their personal vehicles for every trip.” ARC identifies two groups behind the push to abandon cars. One is the aging population that wants the lifestyle a mixed-use project brings, particularly the ability to walk to services, restaurants and recreation from a one-story living space. The second group, typically including millennials, is the next generation of workers who want to trade commuting time for communing time. That’s the allure of Alpharetta’s City Center project, a 25-acre redevelopment in Alpharetta’s downtown area that is adding 100,000 square feet of retail and 36,000 square feet of office space, along with apartments, single-family homes, parks and a dozen restaurants. This article was originally published in the Atlanta Business Chronicle on August 3rd, 2018 and written by H.M. Cauley. To read the article in its original publication, click...
read moreFocus Brands headquarters in Sandy Springs sells for $18 million
The corporate headquarters for Atlanta restaurant franchisor Focus Brands Inc. has sold for $18.3 million. Crossgate Partners bought the 63,049-square-foot building in Sandy Springs. The seller was MidCity Real Estate Partners, the Atlanta real estate company that five years ago took a chance and purchased the former Crawford & Co. headquarters building when it was completely vacant. Two years later, MidCity struck a big lease with Focus Brands, the franchisor and operator of more than 5,000 stores in 60 countries. Gary Lee, with Marcus & Millichap, brokered the sale of the building, which is part of the Glenridge Springs mixed-use development at Glenridge Drive and Interstate 285. To see the original article in the Atlanta Business Chronicle: Click here...
read more120-room boutique hotel planned for Alpharetta
The hotel would sit in walking distance to the $85 million next phase of Alpharetta’s City Center project that’s bringing 105,000 square feet of restaurants and retail; three acres of green space and gardens; 36,000 square feet of office; and 168 apartments. It’s from the Atlanta development team of Morris & Fellows (retail and restaurants), MidCity Real Estate Partners (office) and South City Partners (apartments). So far the City Center has landed restaurants including a new location of Highland Bakery. Click here to read the original article in the Atlanta Business Chronicle....
read moreNew eateries highlight Alpharetta City Center’s next phase
More restaurants have signed on for the roughly $85 million next phase of Alpharetta’s City Center project. Japanese restaurant Jinya Ramen Bar, breakfast and lunch spot Never Enough Thyme and new concept Shade Street Food and Bar will join the 26-acre project that already includes a city hall, a library, a park and town green. The next phase is bringing 105,000 square feet of restaurants and retail; three acres of green space and gardens; 36,000 square feet of office; and 168 apartments. It’s from the Atlanta development team of Morris & Fellows (retail and restaurants), MidCity Real Estate Partners (office) and South City Partners (apartments). Click here to read the original article in the Atlanta Business...
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