Author: Reporter Newspapers

Mixed-use development planned in redo of Lakeside office park

By John Schaffner Atlanta-based Greenstone Properties and Met Life plan to redevelop the aging 26-acre Lakeside office park on Glenridge at the northwest corner of the intersection of Ga. 400 at I-285 with a mixed-use development. The proposed development would include two 14-story office towers, a 200-room hotel, 300 condominium units and 50,000 square feet of retail space. Greenstone Properties and Met Life recently bought the Lakeside office park for more than $60 million. The site presently contains five two-story buildings and large surface parking lots. According to reports from the developers, the two-story buildings will be torn down and replaced with the two 14-story buildings, the “business class” hotel and a four- or five-story condominium building. Parking decks would be built to serve the needs of the entire development. Papers for the project were filed with the state July 9 and the project will have to be reviewed by the Atlanta Regional Commission and Georgia Regional Transportation Authority. The property will have to be rezoned to allow for mixed-use, but the plan reportedly fits with the Sandy Springs land-use plan. Greenstone recently developed Newell Rubbermaid’s new headquarters in the Perimeter Center area of Sandy...

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Business briefs

Avistele opens community center Sandy Springs Mayor Eva Galambos was on hand July 2 to assist with the ribbon cutting to open Avistele Lifestyle Communities’ newly renovated community center at Avistele at Andalusia, a 312-unit apartment community at 225 Franklin Road in Sandy Springs. The renovated community center accommodates groups up to 30 people, with overflow available onto an outdoor veranda with a view of the swimming pool. Avistele at Andalusia is still in the process of renovating the 312 apartment units as part of a two-year project. “We share a common vision with Mayor Galambos and the City Coucil, namely making Sandy Springs an amazing place to live,” said Howard Primer, president and CEO of Renaissance PG, the owner of Avistele Lifestyle Communities. “Avistele is all about elevating apartment living to a new standard of excellence,” Primer continued. “We redeem the buildings and the land so that people can take pride in their homes and neighborhood.” Primer told the group at the ribbon cutting ceremony that Avistele “was founded to fill a gap in modern life: not knowing our neighbors. Because we don’t know our neighbors, we are less courteous to each other, less civically involved and a huge part of our emotional and spiritual lives is not being nutured. “Our teams have one mission: transforming apartment complexes into true communities, where neighbors can become friends,” he added....

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Business briefs

Buckhead to get another new office tower at Phipps Plaza With construction cranes already dotting the skyline, Buckhead is apparently about to get another new office tower. Crescent Resources LLC envisions a roughly 20-story, 500,000-square-foot building on an outparcel or Phipps Plaza along the back side of the mall. The site is now a parking lot between Lenox Road and Phipps Boulevard. The project will be known as Phipps Tower and construction is proposed to begin sometime in 2008. Crescent has owned the property adjacent to Phipps Plaza for about four years. If development of the project goes forward, it would join other office towers presently under development in Buckhead, including Terminus being developed by Cousins Properties Inc., 3344 Peachtree being developed by Regent Partners LLC, 3630 Peachtree being developed by Duke Realty Corp. and Pope & Land Enterprises, Inc. and Two Alliance Center being developed by Tishman Speyer. Combined, those projects will put another 2 million square feet of office space on the market. Buckhead a bright spot in office outlook A recent annual forecast from Grubb & Ellis Co. provides an upbeat forecast for Atlanta’s office market in 2008, despite a slowing U.S. economy and the state’s drought; which suggest lower expectations for moderate growth. In fact, Grubb & Ellis ranked Atlanta as the No. 3 in the industrial market from 2008-2012, following Los Angeles and Houston....

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