Regent Riverwood plans about 750,000 sf of high-rise office product, 210 condo units and 21,500 sf of bank and restaurant space. Another development, TI Riverwood, proposes 646 high-rise condo units and 34,000 sf of retail, office and restaurant space.
Area construction industry sources tell GlobeSt.com the two ventures will probably have an estimated hard construction cost of $300 million. They base their projections on a minimum $150-per-sf cost of class A office space; about $100-per-sf minimum cost for the retail, restaurant and banking space; and a minimum $90,000 cost per-condo unit.
The development sites are along Riverwood Parkway and Cumberland Boulevard, an area that already houses the corporate offices of Home Depot and shortly will have at least four other new, big-name developments.
They are Trammell Crow Co.'s nine-story, 172-unit condominium community on Mount Wilkinson in suburban Vinings; Pacific Group's 1,000-home mixed-use development at Atlanta Road; BF Saul's 1,500-home, mixed-use condo community at Circle 75; and the new $106-million, 2,750-seat Cobb Energy Centre for the Performing Arts scheduled to open in mid-2007.
Additionally, the 1.2-million-sf Cumberland Mall plans to begin a $65-million renovation this year that will include demolition of the two-story Macy's store and the addition of 27,000 sf of retail and restaurant space, area retail consultants familiar with the submarket tell GlobeSt.com.
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