ATLANTA-Locally based developers Madison Retail LLC plan to begin construction in the spring of Phase II of the Overton Park mixed-use development located next to the Chattahoochee River National Park.

Phase II, to rise on a 3.5-acre site at the intersection of Cumberland Boulevard and I-75, will consist of 56,000 sf of retail space, a 60-unit condominium tower and a 160-room business class hotel. A three-level parking deck will be constructed below the plaza. The retail component, to be called the Shops at Overton Park, will include upscale specialty boutiques and gift shops, casual and fine dining restaurants, a spa and other retailers. Phase II is expected to be completed in fall 2008.

"This is one of Atlanta's most underserved, high-end retail and dining markets I have ever studied," says Madison Retail principal G.K. Johnson. "The strong demographics, daytime population and numerous mid-level hotels in the trade area represent true buying power."

Phase I of the project consisted of One Overton Park, a 15-story, 400,000-sf class A office building that opened in 2002 and is currently 91% leased. The Overton Park project features wide sidewalks accented with landscaping to encourage pedestrian movement throughout the development.

The area where Phase II will be located has grown considerably in recent years. Based on 2005 demographics, within a five-mile radius of Overton Park, the population is nearly 89,000 and has an average household income of $104,428.