Buckhead to get another new office tower at Phipps Plaza
With construction cranes already dotting the skyline, Buckhead is apparently about to get another new office tower.
Crescent Resources LLC envisions a roughly 20-story, 500,000-square-foot building on an outparcel or Phipps Plaza along the back side of the mall. The site is now a parking lot between Lenox Road and Phipps Boulevard. The project will be known as Phipps Tower and construction is proposed to begin sometime in 2008.
Crescent has owned the property adjacent to Phipps Plaza for about four years.
If development of the project goes forward, it would join other office towers presently under development in Buckhead, including Terminus being developed by Cousins Properties Inc., 3344 Peachtree being developed by Regent Partners LLC, 3630 Peachtree being developed by Duke Realty Corp. and Pope & Land Enterprises, Inc. and Two Alliance Center being developed by Tishman Speyer.
Combined, those projects will put another 2 million square feet of office space on the market.
Buckhead a bright spot in office outlook
A recent annual forecast from Grubb & Ellis Co. provides an upbeat forecast for Atlanta’s office market in 2008, despite a slowing U.S. economy and the state’s drought; which suggest lower expectations for moderate growth.
In fact, Grubb & Ellis ranked Atlanta as the No. 3 in the industrial market from 2008-2012, following Los Angeles and Houston. In the retail arena, Grubb & Ellis ranked Atlanta the No. 4 market for the same time period.
The report says construction cranes in Buckhead and Midtown will overpower weakening trends in the region’s economy, with 2 million square feet of office space coming on line in 2008 and an additional 2 million expected to be delivered in 2009.
The report suggests that a plus factor is that Atlanta is still priced as a bargain relative to other cities.
Atlanta Financial Center gets $1.5m facelift
The Atlanta Financial Center, which was built during the 1980s as the largest office complex in Buckhead, is getting a $1.5 million expansion and facelift to give the building pedestrian access on Peachtree Road.
The makeover, aimed to help the center compete with new buildings coming on the market, will include a new high-end restaurant, SunTrust Bank branch and drive-through and Starbucks in the North Tower and a major renovation of the Buckhead Club and Buckhead Athletic Club.
Atlanta Financial Center is owned by Hines and General Motors Asset Management.
Prime Buckhead retail corner back on market
Tuxedo Festival, the shopping center at the intersection of Roswell and Piedmont roads and anchored by Party City, is up for sale according to Cushman & Wakefield of Georgia, Inc., which has listed the 4-acre, 55,000-square-foot retail center.
The site is zoned C-1, which will allow a mix of residential and retail. Under the present zoning, a developer could put 340,000 square feet of office space and 120,000 square feet of retail on the site.