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...
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 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. Click here to read the original article in the Atlanta Business...
read moreFOCUS Brands to Lease Entire MidCity Plaza For New Headquarters
ATLANTA – FOCUS Brands Inc. has leased MidCity Plaza, a Class A, 63,000-square-foot office building located at I-285 and GA 400 in Atlanta. MidCity Real Estate Partners purchased the property, located at 5620 Glenridge Drive, in mid-2013. The property was completely converted to Class A standards over the course of a nearly two-year process. FOCUS Brands is the parent company of Cinnabon, Auntie Anne’s, Moe’s Southwest Grill, McAlister’s Deli, Schlostzsky’s Bakery and Cafe and Carvel brands. This Article Originally Ran in Southeast Real Estate Business Online For More, Please Click...
read moreDemetrops snags FOCUS HQ
This represents a huge win for MidCity Real Estate Partners’ Kirk Demetrops. Kirk’s firm purchased the building for a little more than $3M from a lender in 2013 and put the facility through a $7M renovation (which we profiled here). The building is situated on a mixed-use parcel that includes the Windsor at Glenridge, a 168-unit apartment complex by Wood Partners, as well as a string of restaurants, such as Blue Moon Pizza, Taziki’s and Sushi Nami. This Article Originally Ran on Bisnow For More, please click...
read moreFOCUS Brands Moving HQ to Perimeter
The building is the former home of Crawford & CO. (NYSE: CRDa). MidCity Real Estate Partners bought the property at 5620 Glenridge Dr. in mid-2013, and converted it to Class A space over two years. The building also is part of a mixed-use development that includes the Windsor at Glenridge, 168 luxury apartments developed by Wood Partners and restaurants Blue Moon Pizza, Taziki’s, Firehouse Subs, Qdoba and Sushi Nami. This Article Originally Appeared in the Atlanta Business Chronicle For More Information, Please Click...
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