ATLANTA—An area of Atlanta that's rife withmedical tenants and providers supposedly lacks an adequate amountof “Class A” medical office space, according to a partnershipplanning to develop a new outpatient healthcare facility nearAtlanta's Piedmont Hospital.

The joint venture (JV) partnership of CornerstoneDevelopment Partners and Stein InvestmentGroup, both of Atlanta, has proposed a $65 million,seven-story, 161,000 square foot medical office building (MOB) andretail project for a site near the south end of the Piedmontcampus.

The planned building, dubbed Cornerstone MedicalCenter, would be a redevelopment of four parcels totaling3.5 acres at 1895 Peachtree Rd. N.E. in Atlanta's Buckheaddistrict. The Atlanta Zoning Commission recentlyapproved the final site plans and zoning conditions for the site,which is east of the intersection of Peachtree and Collier RoadNorthwest.