Developers Eye Roswell for $100M Mini-Atlantic Station

ROSWELL, GA-Although a tentative groundbreaking is probably two years away, a mini-Atlantic Station redevelopment, tentatively called Gateway 400, could be in the works shortly in this Atlanta suburb of 84,000 residents, sources familiar with Roswell City Council activities tell GlobeSt.com. The site is about 15 miles north of Downtown Atlanta.

Charlie Brown and his son, Scott, the first developers of the $2-billion, 138-acre Atlantic Station mixed-use community in Midtown, are talking with Roswell residents and elected officials about developing an estimated $100-million office-retail-residential enterprise on 107 acres on the east side of GA 400, off Holcomb Bridge Road, sources tell GlobeSt.com. The Browns couldn’t be reached by GlobeSt.com’s publication deadline to learn more of their tentative development plans.

However, brokers and marketers familiar with the Browns’ concept, tell GlobeSt.com the developers envision their first phase to include four 20-story condominiums along GA 400; townhouse squares and retail near Holcomb Bridge; and single-family homes along the Chattahoochee River.

The Pinnacle Cos., which own the 107 acres, have retained the Browns to develop the site, brokers following the project’s progress, tell GlobeSt.com. The land currently houses apartments near the banks of the Chattahoochee.

Atlantic Station, which formally opened last week after eight years of planning and development, was started by the Browns. James Jacoby, the current co-developer of Atlantic Station, purchased the 138-acre site in 1997 for $76 million or $550,724 per acre ($12.64 per sf), area brokers familiar with that transaction tell GlobeSt.com. Recently, Jacoby informally evaluated Atlantic Station’s build-out value in 10 years at $4 billion or double the estimated original build-out number.