Sources close to the developer tell GlobeSt.com Legacy plans to break ground in June on a 108-suite hotel, 22,000 sf of retail and a 500-space, nine-story parking garage near the nine-acre Aquarium site. Area construction industry sources tell GlobeSt.com a comparable class A project couldn't be built for less than $23 million. They base their projection on a minimum hard construction cost of $100,000 per hotel suite or a total $10.8 million; $90 per-sf retail cost; and $10 million for the garage redevelopment.
Legacy is also close to leasing about 60% of the 36,000 sf in the former Adidas sportswear company building it owns at 300 Marietta St., near the Aquarium, retail brokers familiar with the project tell GlobeSt.com. The Adidas building may be leased to six restaurants.
Legacy bought the building in 1999 when it planned to lease it to high-tech firms. Those deals never materialized. The building housed Adidas during the 1996 Olympic Games in Atlanta.
At a third property overlooking Centennial Olympic Park, Legacy hopes to lease its 17,000-sf building to retail tenants, according to area brokers. Legacy envisions its three projects as the core of a new retail district that would draw customers from the Aquarium and the growing residential district near the park, Downtown brokers tell GlobeSt.com.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.