Atlanta-based Cousins Properties and Miami-based developer The Related Group have announced a joint venture partnership that has the two working together on two of Buckhead’s biggest projects, Terminus at Peachtree and Piedmont Roads, and CityPlace at Buckhead on Roxboro Road near Lenox Square.
The two companies have announced that they will become equal partners in the $130 million development of the first 29-story tower in CityPlace at Buckhead. In all, nine towers, with 3,860 condos, 110,000 square feet of retail and 28 townhomes are planned for the 16-acre site. It also will contain an undetermined amount of office space. Related acquired the site in 2006 and has received zoning approval from the city after more than a year of negotiations with neighborhood groups over the site design.
Related also will become an equal partner in the second and third residential towers planned for Terminus, the Cousins project that dominates the corner of Peachtree and Piedmont Roads. The first residential tower at Terminus is already under construction.
The two companies, which already partnered on a successful project in Miami, apparently have been in discussions since early this year.
Cousins is expected to benefit from Related’s experience in urban mixed-use development and Related is expected to benefit from Cousin’s understanding of the Atlanta market. Related has built more than 50,000 residential units in Florida.
Sales at CityPlace will begin at the end of this year, with condo prices ranging from $300,000 to more than $1 million. Construction is scheduled to begin in October with completion of the first tower slated for 2009.