Aloft Atlanta Perimeter Opens in Central Perimeter Submarket
ATLANTA, GA (November 8, 2022) –Aloft Atlanta Perimeter, a Marriott Branded Hotel opened yesterday at the mixed-use NorthPlace Development in Sandy Springs, Georgia. The Aloft is a chic modern 141 room hotel that uses technology and design to enhance guest experiences with a vibrant social scene offering live entertainment Wednesday and Friday nights. On-site amenities include a restaurant, meeting spaces and an indoor pool to name just a few. The newly opened Aloft is conveniently located off GA 400 at the intersection of Barfield Road and Mount Vernon Highway near Mercedes-Benz USA headquarters, the Sandy Springs Marta Station and corporate offices of UPS, IBM, and Inspire Brands. About MidCity Real Estate Partners MidCity Real Estate Partners is an innovative commercial real estate company with an excellent reputation for delivering high-quality projects and services. MidCity was founded in 2009 by Kirk S Demetrops, as a continuation of The Griffin Company, where Mr. Demetrops had worked from 2001 to 2009 as President. With a combined 80 years of experience, MidCity offers a full range of expertise including: Acquisition/Disposition, Development and Construction Management, Master Developer, Marketing/Sales/Leasing, Asset Management and Advisory Services. Previous projects include Focus Brands Headquarters, JAS Worldwide Headquarters, IBM Internet Security Systems Headquarters, Hammond 400 Office Park, NorthPlace/Aloft Hotel Sandy Springs, Two Premier Plaza. Current projects include 5616 Chamblee/The Winter Construction Company Headquarters, Snellville’s The Grove at Towne Center. ### If you would like more information about this topic, please call Amy Buttersworth at 678-640-0002 or email at...
read moreMidCity Welcomes Audubon to 5616 Peachtree
ATLANTA, GA (October 17, 2022) – MidCity Real Estate Partners welcomes its newest Tenant, Audubon, a strategic real estate investment company specializing in the acquisition, development, management, and investment of multifamily properties throughout the Southeast. Completed in 2020, 5616 Peachtree is an adaptive reuse loft office in Downtown Chamblee, GA. About MidCity Real Estate Partners MidCity Real Estate Partners invests/develops/redevelops Commercial, Residential and Mixed-Use Properties. Projects range from Award Winning Public-Private Town Centers to Vacant Office Buildings. MidCity excels at Value Creation through each phase of the CRE Business Cycle MidCity was founded in 2009 by Kirk S Demetrops, as successor company to The Griffin Company, a 35-year-old full service commercial real estate development and construction company where Mr. Demetrops was President. With a combined 80 years of experience, MidCity offers a full range of expertise including: Acquisition/Disposition, Development and Construction Management, Master Developer, Marketing/Sales/Leasing, Asset Management and Advisory Services. Current projects include The Grove at Towne Center (Snellville, GA), 5616 Peachtree (Chamblee, GA) and NorthPlace (Sandy Springs, GA). Previous projects include Alpharetta City Center, Focus Brands Headquarters, JAS Worldwide Headquarters, & Hammond 400 Office Park. ### If you would like more information about this topic, please call MidCity at...
read moreOwners Of North Fulton’s Outdated Office Parks Look To Mixed-Use It Up But Risk ‘Oversaturation’
The suburban office parks that dot North Fulton County are growing more obsolete by the month, a trend that could lead to a wave of demolitions as developers strive to make their properties relevant in today’s corporate environment, one industry veteran said at a Bisnow event Tuesday. “I think for every four-building office project, one might get torn down … to pave the way for density of other types versus trying to redo those,” MidCity Real Estate Partners founder Kirk Demetrops said on a panel at Bisnow’s North Fulton County event, held at Sanctuary Park in Alpharetta. “What do they become? That question has not been answered. We’re spending hours really thinking about what we can make these boxes become,” he said. “There’s just so much demand in the market for real estate that these hold a lot of value.” Getting rid of the older office buildings could be a welcome relief to the North Fulton market, which has wallowed with more than 160K SF of negative net absorption since the start of the year, pushing the vacancy rate to 18.5%, the highest level since 2003, according to a recent Colliers report. Toro Development Co. is planning a major demolition with its redevelopment of the former State Farm campus in Johns Creek, slated to become a 43-acre mixed-use destination that eventually will tie into the city of Johns Creek’s larger Town Center project. “We have a campus that has 450K SF of vacant office space that is obsolete. It’s functionally obsolete. The good news for the brokerage community is early next year, 350K of that will get demolished, so that will take a good. chunk of vacancy out of that submarket,” Toro partner John Kelley said. Despite the rising vacancy, average rent in North Fulton is ticking up, driven by the newest buildings. The delta between Class-A and Class-B office in North Fulton is more than $8 per SF, with Class-A rents an average of $30 per SF, according to a recent Avison Young report. “That’s as wide as it’s ever been, and I’ve been in the office business for 40 years here,” Demetrops said. “There are buildings that are winning. Some are going to have to change.” Office space at Avalon is commanding $44 per SF, according to Avison Young, with office space at Halcyon close to that as well. The top offices in Metro Atlanta, often part of mixed-use campuses, today are seeking rents. as high as $ 60 per SF, Demetrops said. But panelists contend that vintage office buildings can still be competitive in North Fulton thanks to the proliferation of mixed-use projects in the area, especially if the older buildings are close to a strong amenity base. Rubenstein Partners Senior Vice President Mahesh Mani said for a property like Sanctuary Park, a nine-building office campus situated in a 150-acre nature preserve in Alpharetta, proximity to other mixed-use destinations is a key driver. Sanctuary Park is across Georgia 400 from North Point Mall, which is slated for a massive redevelopment, and 3 miles south of Avalon, the high-end mixed-use destination that set a new standard in Metro Atlanta. “We can’t be everything to everyone, and we can’t do all of it. So we are actually trying to embrace the ability of proximity, kind of getting some halo factor effects of developments of like the North Point conversion, so say we are in the greater footprint of that,” Mani said. “We’re going to be a partner and benefit from the mixed-use assets that are coming closer to sort...
read moreNorthside to anchor phase II at Snellville’s The Grove at Towne Center
As construction and excitement continue to grow about The Grove at Towne Center, Development Partners CASTO and MidCity Real Estate Partners, along with the City of Snellville and the Downtown Development Authority, are excited to announce the addition of Northside Hospital to The Grove. In a transaction that closed at the end of May, Northside Hospital will occupy two buildings in Phase II of Snellville’s new City Center. The Northside Hospital buildings will include physician offices, an ambulatory surgery center, urgent care and other Northside outpatient services that will cater to the residents of Snellville as well as The Groves growing community. Construction of the Northside buildings is anticipated to start immediately and open in the 2nd Quarter 2023. Phase I of the $100 million Project commenced construction in March 2021, and residential units will begin leasing later this year. Kirk Demetrops, partner, and founder of MidCity Real Estate spoke about the new partnership, “We always wanted Phase II to further strengthen the unique mix that makes a town center so special, Northside is the perfect fit. The Grove soon will have nine buildings under construction, delivering a city center long sought after by the City and Community.” “Northside Hospital is committed to strengthening health care resources in the Gwinnett region,” said Debbie Mitcham, president and CEO of Northside Hospital in Gwinnett and Duluth. “We look forward to this new partnership, which will continue Northside’s high quality of care for our patients in their own community.” “Northside has an outstanding reputation for the care and treatment of their patients, and we are delighted to add them to The Grove at Towne Center where they will help serve the members of our community for years to come,” said Snellville Mayor Barbara Bender. Once completed The Grove at Towne Center, will include over 275 luxury residential units, 50,000 SF of retail space (including a special use Market Building), 50,000 SF of medical office, the new Gwinnett County Elizabeth H. Williams Library with 2nd floor coworking space and a 750 parking-space parking deck, all surrounding The Grove, a one-acre town green space. This article first appeared on...
read moreNorthside Hospital is coming to Snellville’s Grove at Towne Center
Snellville’s new downtown was already slated to include a library, apartments and market, but now its going to get Northside Hospital facilities as well. The city and Northside officials announced Northside Hospital will be part of Phase II of The Grove at Towne Center mixed-use development. The hospital system will have offices in two buildings in the development, and those offices are expected to open in the second quarter of 2023. “Northside has an outstanding reputation for the care and treatment of their patients, and we are delighted to add them to The Grove at Towne Center where they will help serve the members of our community for years to come,” Snellville Mayor Barbara Bender said. The Snellville announcement is latest development in Northside’s ongoing expansion into Gwinnett County. Gwinnett Medical Center’s campuses merged into the Northside system just before the COVID-19 pandemic. Northside is currently building an expansion of the Northside Hospital Gwinnett campus in Lawrenceville, that will include a new tower, and a two-building medical office complex on Buford Drive near the Mall of Georgia. The plans for Snellville call for Northside to build physician offices, an ambulatory surgery center, urgent care facilities and other outpatient services. They will join Phase I amenities such as apartments at The Grove that are set to begin leasing later this year, a parking deck and Gwinnett County’s new Elizabeth H. Williams library branch. Greenspace, a market, commercial businesses and free-standing restaurants will also be part of the finished Towne Center development. “Northside Hospital is committed to strengthening health care resources in the Gwinnett region,” said Debbie Mitcham, president and CEO of Northside Hospital in Gwinnett and Duluth. “We look forward to this new partnership, which will continue Northside’s high quality of care for our patients in their own community.” Northside and Snellville closed on the land transaction for the Northside buildings in late May. “We always wanted Phase II to further strengthen the unique mix that makes a town center so special, Northside is the perfect fit,” said Kirk Demetrops, founder of MidCity Real Estate, which is the development partner for The Grove project. “The Grove soon will have nine buildings under construction, delivering a city center long sought after by the city and community.” The new facilities are also going to greatly expand access to healthcare in south Gwinnett, and put Northside in greater competition with Piedmont Healthcare in that part of the county. Piedmont absorbed Eastside Medical Center in Snellville into its healthcare system during the pandemic, making it Piedmont Eastside. But, while the two healthcare systems will be in Snellville, city officials say that will benefit residents of the city. “Adding Northside to our longstanding, excellent Piedmont Eastside facilities, will make Snellville a premium healthcare destination,” Snellville City Manager Butch Sanders said. This article first appeared in the Gwinnett Daily Post on June 17, 2022 by Curt...
read moreSnellville’s long-awaited ‘Grove’ downtown district starting to take shape
The Atlanta Journal-Constitution is providing this content as part of our public service mission. Please support real, local journalism by subscribing today. For decades, the idea of a mixed-use downtown district in the heart of Snellville was only a dream in the minds of city leaders. But that has changed in the last year. Dirt has been turned, concrete has been poured, and steel and wood frames as well as brick walls have begun to rise out of the ground between Oak Road, Wisteria Drive, Clower Street and North Road. These are tangible signs that the dream has begun to turn into a reality known as The Grove at Towne Center. “It seems surreal that we have been talking and planning about this for development for years and to see it finally start to come out of the ground has me at a loss for words,” Snellville Mayor Barbara Bender said. “It’s an amazing feeling and we are approaching a moment we have waited decades for.” Since ground was broken on The Grove at Towne Center last year, a lot has happened at the site. The development is very important for the city because it will give Snellville something it’s never had before: a downtown district. Snellville is working with CASTO and MidCity Real Estate Partners on the project, which is expected to cost about $85 million. The 750-space parking deck has topped out and is now in its “punch list phase.” Meanwhile, a 262-unit luxury apartment community which is being built around the parking deck has been rising out of the ground — there are some parts of the apartment community that are already getting exterior finishes. “I know the ones that they’re already starting to do stone mason work on, they’re hoping to have those available to rent by the end of this year, and I think they hope to have the space fully rented — or at least available to fully rent — by (mid-2023),” Assistant City Manager Matt Pepper said. At the end of last year, Snellville and Gwinnett County officials broke ground on a new, two-story library that will have a co-working space on its second floor and its steel frame has already been erected. The city is leasing the second floor from the county. Pepper said Snellville is working with a co-working company that is expected to fill much of the floor. He hesitated to say, on the record, who the company is since he was not sure the company had made an official announcement yet. “We’re working with that co-working company’s engineer to kind of develop and build that space out,” Pepper said. The developers of The Grove at Towne Center have expanded their plans for the site — but they aren’t expanding its foot print. Two mixed-use, two-story buildings that will have ground-level retail have been redesigned to be three stories tall so additional residential units can be added. “There will be one (building) at the corner of Wisteria and Clower, that’s where we’ll be installing the roundabout,” Pepper said. “And then the other one will be (further up Clower Street heading toward Oak Road).” City officials said the change will add 26 more residential units to the site. Conceptual renderings show two restaurants and three retail shops on the ground level of one building and three commercial spaces on the ground level of the other building. Those renderings only show one-side of each building, however, and they are conceptual so it’s not clear yet how far back the actual ground-level businesses on those buildings will ultimately go. In a statement,...
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