Grubb & Ellis of Northbrook, IL plans to market an estimated 40,000-sf class A office building and an undetermined amount of retail on a 70-acre tract owned by Robert Barsk at Blairs Bridge Road and Bob Arnold Boulevard.
LandSouth of Macon, GA plans to break ground in September on Preston Landing, a 240-unit apartment venture on 30 acres near Sweetwater Creek, an area with little existing multifamily product.
Ryland Group Inc. of Columbia, MD plans 255 single-family homes and possibly some townhomes on 72 acres south of LandSouth's tract. Home prices will average $185,000.
The developers see a new niche surfacing in a corridor developing between Downtown and Arbor Place Mall at Interstate 20 and GA 5.
Second-quarter research by Atlanta-based Richard Bowers & Co. shows only 310,663 sf of office built in the Interstate 20 West/Greenbriar submarket with almost all of it occupied. Occupancy is 93.07% with 21,517 sf available at an average asking rent of $12.13 per sf.
Second-quarter absorption was 14,584 sf with year-to-date absorption of 20,864.
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