ATLANTA-Babalu restaurant and the Perk coffee house are the first retail tenants signed at the $150 million, 28-acre Glenwood Park mixed-use venture being developed by Charles Brewer's Green Street Properties and its retail development partner, the Meddin Co. When completed at yearend 2006, the complex will comprise 50,000 sf of retail, 20,000 sf of office, 50 condominium units and about 360 single-family residences and townhomes off Interstate 20 at Glenwood Avenue and Bill Kennedy Way.
The developers' representatives wouldn't disclose lease details, but area retail brokers familiar with the project tell GlobeSt.com Babalu is taking approximately 8,000 sf and Perk, about 2,000 sf. Sources estimate the leases in the three-to-five-year range and average asking rents in the $18 to $20 per-sf column.
The tenants are expected to be open for business June 1 in buildings overlooking Glenwood Park's Brasfield Square, the community's town center two miles east of Downtown. Meddin brokers John Graham and Ann Mijanovich are marketing the retail component.
Approximately 70% of the condos in the first phase of the project have been sold, along with 95% of the single-family residents and 90% of the townhomes, according to Katharine Kelley, president, Green Street Properties. Prices for the remaining condo units run from $170,000 to $200,000.
© 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.