ALPHARETTA, GA-This suburban Atlanta city is in line for a new Downtown. Locally based Barry Real Estate Cos. plans an estimated $75-million undertaking that would include a 40,000-sf annex building next to City Hall, 56,650 sf of retail, 48,000 sf of office, 162 condos and a 700-space parking deck.
A tentative groundbreaking is set for spring 2006 with anticipated completion by December 2006, city staffers confirm for GlobeSt.com. According to terms of the deal, the city would retain ownership of the City Hall building and the new annex structure but sell the remainder of the property to Barry.
Elected officials in this North Fulton County city say the entire deal hinges on Barry arranging financing for the project. Conceptual development plans calls for residences and offices to be built atop retail stores along South Main Street, Academy Street and Haynes Bridge Road. The three city parcels, earmarked for redevelopment, are now used for surface parking.
Barry was selected over rival developers mainly because of the 2.8 acres it already owns near the city's parking lots, retail brokers who have attended the North Fulton County commission hearings on the project tell GlobeSt.com. The redevelopment is expected to also save Alpharetta from paying rent on two locations housing city departments in a total 14,000 sf, brokers say.
© 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.