ATLANTA-A joint venture of Abernathy Development Partners and the locally based Lane Co. has broken ground on Abernathy 400. The $270-million mixed-use development will overlook Georgia 400 on the southwest corner of Abernathy Road.

Abernathy Development Partners is a joint venture of locally based Ackerman & Co. and locally based Russell New Urban Development. The project consists of 550,000 sf of office space in two buildings, 20,000 sf of ground-floor retail and restaurant space, a 400-room hotel and the Serrano, a 150-unit condominium project.

Prices for the Serrano, which will include 6,500 sf of retail space, will start in the low $300,000s. Evolv will handle the marketing and sales of the units. Ackerman & Co. president Kris Miller tells that sales of the units have not started, although a reservation list has been established. “We don’t anticipate having a problem selling the units,” Miller says. “The Central Perimeter is in the center of the Metropolitan Atlanta area. It’s the easiest place in the metropolitan area to get to.”

The first phase of the project will include development of the Serrano, which will take about 12 months to complete. The second phase, to begin in 2008 after the first phase is completed, will include development of the hotel, office and retail space. Construction of the first office tower will likely start first, followed by construction of the hotel and second office tower, Miller says. “It’s possible to have two phases going at once, but it’s tight,” he says.

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