SANDY SPRINGS, GA-The Sembler Co. of St. Petersburg, FL, which already has $1 billion in ongoing new retail and commercial projects under way in metro Atlanta, plans to start a $100-million mixed-use venture at the Prado's 5600 Roswell Rd. shopping center site in this Atlanta suburb.
Brokers attending the International Conference of Shopping Centers Convention in Las Vegas tell GlobeSt.com Sembler officials announced the project at the ICSC event. The residential component of the Prado will focus on condominium homes which will complement retail, office, restaurant and apartments.
Area brokers in a position to know tell GlobeSt.com the total size of the redevelopment will be at least one million sf, including the residential component. Some previously developed apartments and offices, already on the site, will remain there, brokers following the redevelopment project tell GlobeSt.com.
The Fulton County project will be called the Prado, copied largely after the 90,000-sf Lenox Marketplace near the 820,000-sf Phipps Plaza in Buckhead. Sembler officials are asking Sandy Springs commissioners to rezone a 32-acre corridor for the project, city planning department staffers confirm for GlobeSt.com. Sandy Springs, 13 miles north of Downtown Atlanta, has an estimated permanent population of 90,000. Brokers who have worked with Sembler officials on other area projects tell GlobeSt.com the company plans to break ground on the project by year end and have it completed by fall 2007.
One of the busiest redevelopers in the nation, Sembler is also developing an open-air shopping center in Winter Garden, FL, which the company recently reduced from 1.6 million sf to 1.1 million sf. In the Atlanta area, the firm is constructing a high-rise condo building and a Target-anchored retail center near the 1.48-million-sf Perimeter Mall in North Fulton County; redeveloping Buckhead's Lindbergh Plaza Shopping Center into a 400,000-sf site for a summer 2006 opening; and finessing its 800,000-sf Edgewood Retail District near the Little Five Points section of Atlanta.
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