Ackerman Plans Estimated $173M Mixed-Use Venture at Perimeter Center

Ackerman and his joint venture partners Northwestern Mutual Life Insurance Co. of Milwaukee and locally based Coro Realty Advisors have filed preliminary plans with Fulton County's planning and zoning boards for a 2.47-million-sf, four-building project that would include 400,000 sf of office space, 70,000 sf of retail, 400 condominium units taking up an estimated two million sf and a parking deck.

The 20-acre development site is at a new initiative called Corporate Campus that already houses 14 two-story medical office buildings at the northeast corner of Peachtree Dunwoody Road and Hammond Drive. Offices and condos are planned for a 35-story building with three smaller structures for retail and a parking deck.

Area construction industry sources tell GlobeSt.com a project of this magnitude would probably come in at a hard construction cost of at least $173 million. They base their projection on a $150-per-sf cost for class A office construction; $90-per-sf cost for retail; $100,000 for each of the 400 condos; and $10 million for the parking structure.

Besides the county, the Atlanta Regional Commission and the Georgia Regional Transportation Authority are reviewing the development plans because of the project's size and impact to surrounding neighborhoods.

Brokers familiar with the 27-million-sf Central Perimeter's office submarket tell GlobeSt.com Ackerman is also considering development plans for an 11.4-acre site at the former Abernathy park-and-ride lot. That land is zoned for office and retail space, a hotel and condominium units.