Childress Klein, MidCity to Develop 370,000 SF Office Project in Atlanta’s Central Perimeter

SANDY SPRINGS, GA. — A joint venture between Childress Klein and MidCity Real Estate Partners has purchased 3.7 acres of land in Sandy Springs for the development of NorthPlace, a two-building office campus totaling 370,000 square feet. Situated within Atlanta’s Central Perimeter office submarket, the office development will sit at the intersection of Barfield Road and Mount Vernon Highway, one block from the new Mercedes-Benz U.S. headquarters and two blocks from the Sandy Springs MARTA station. Comprising a 250,000-square-foot building and 120,000-square-foot building, NorthPlace will offer signage visibility along Ga. 400. Childress Klein and MidCity will co-develop the property, and MidCity will oversee day-to-day construction responsibilities and will market the project to prospective corporate and medical tenants. A timeline for construction has not been announced at this time.   Click here to read the original article in REBusiness Online...

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Crane Watch Update: Colony Square, North Place, 1105 West Peachtree

A new year kicks off with several big projects entering the planning and development pipeline — from the far northern Atlanta suburbs to Midtown.   Atlanta Business Chronicle is keeping track of the latest with its interactive feature Crane Watch, a map of all the new projects on your skyline and in your neighborhoods. See the updated Crane Watch map here.   In Sandy Springs, Childress Klein and MidCity Real Estate Partners recently formed a joint venture on a 3.7-acre property at Barfield Road and Mount Vernon Highway. The project is called NorthPlace.   Click here to view the original article in the Atlanta Business Chronicle.   ...

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New momentum for big Sandy Springs office project

Plans for a 370,000-square-foot Sandy Springs office project overlooking Georgia 400 may have new momentum.   Atlanta’s Childress Klein and MidCity Real Estate Partners recently formed a new joint venture on the 3.7-acre property at Barfield Road and Mount Vernon Highway.   Click here to view the original article in the Atlanta Business Chronicle. 

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New developer takes on Roswell Road mixed-use project in Sandy Springs

Davis Development is the new developer of the mixed-use project planned for 6075-6077 Roswell Road, according to property owner Kirk Demetrops of MidCity Real Estate Partners. Camden USA pulled out of the high-profile project late last year.   “We got a strong group that intends to move forward with the project as approved,” Demetrops said, calling Georgia-based Davis a “really top-notch developer of multi-family housing.”   The 4-acre project would replace an existing office building and post office with 291 apartment units, commercial space and a parking deck. Construction may start late this year after existing tenants’ leases expire, Demetrops said.   The Davis project is next door to Mill Creek’s similar large-scale, mixed-use redevelopment of the Hilderbrand Court shopping center, which began demolition work last month.   Kirk S. Demetrops is president of MidCity Real Estate Partners   This article originally appeared in the Sandy Springs Reporter...

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Commentary: Congratulations on Sandy Springs’ 10th Birthday

Congratulations to the city of Sandy Springs on turning 10! Prior to the city’s formation in 2005, many people worked for decades to make it happen.   Two primary goals of the innovative new city were to control the services provided to citizens/businesses and to control development. Due to the necessity of delivering services and the real estate recession of 2008-2012, we now see development—both new projects and how the city addresses future development—begin to have a significant impact on the direction of the city.   My perspective extends 36 years, having attended high school in Sandy Springs, lived half of those years here, and worked for companies all with a Sandy Springs address.   The great news in Sandy Springs regarding development is plentiful. The city’s southern boundary is improving with the Sandy Springs Gateway project at Windsor and other development moving up Roswell Road from there. The eastern boundary at Perimeter Center is truly seeing a live-work-play environment unfold.   Downtown Sandy Springs is poised for the biggest change, with perhaps the most local impact toward quality of life (a “real” downtown) wanted by many who live and work in Sandy Springs.  Projects underway or expected to start soon should create more development in downtown than has occurred in the last 20 years combined.   This is led by City Springs, the public-private partnership development under construction, that will deliver a new City Hall and performing arts venue, private mixed-use development and open space.  This development and others announced should create the critical mass needed. So what are the significant challenges?  I see two.  One, land use and zoning, and two, Roswell Road north of Abernathy to the city of Roswell border.   The city is currently in the process of updating its zoning ordinances and procedures. I commend the leadership of the mayor and council for initiating this. Lengthy, controversial zonings are counterproductive. From a developer’s perspective, time is usually not our ally.  Windows of opportunity open up in our business but do not remain forever.  A more efficient, interest-aligned process will benefit all stakeholders. Roswell Road north of Abernathy should be the city’s next big platform for change. The road is a primary artery serving a significant portion of the city. I believe more public-private initiatives will be needed.   As I look ahead, and knowing the probable developments to come out of the ground, I do see a city moving in a great direction and the new real estate developments having a significant contribution to the success of the city.   Kirk S. Demetrops is president of MidCity Real Estate Partners.   This Article Originally Appeared in the Sandy Springs Reporter For More Information, Please Click...

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Crocker 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...

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