Progress on several high-profile Sandy Springs properties is at different stages as developers work to recover from the recent recession.
Representatives of some long-stalled projects say they see signs of movement in the market. But not every project is moving ahead quickly.
“The Atlanta market is still not at a point of recovery where any developer is comfortable,” said John Heagy, senior vice president for Hines Interests development company in the Southeast, as his company is looking to secure tenants for projects at Northpark.
Some developers, however, are restarting their projects. Here’s a look at where several high profile projects now stand:
• Kaplan Residential and George S. Morgan development companies recently announced plans to break ground at the empty lot at the corner of Roswell Road and Hammond Drive this June. “One City Walk” will include what the developers describe as a “203-unit luxury mid-rise, mixed-use” community that will offer apartments and include 8,000 square feet of retail space. The developers say the project will be a focal point of the Sandy Springs’ City Center.
• Hines’ Northpark 100 and 700 projects in the Northpark Town Center complex at Peachtree Dunwoody and Abernathy roads are waiting to secure tenants before construction gets rolling, Heagy said. The company is looking for a lead tenant for the 700 building and has obtained zoning for the 26-story office tower. It received pushback from residents when developers requested the height limit be raised from 18 floors. Heagy said the building will not raise density as most of the extra floors will be in parking decks beneath the tower.
Heagy said that plans for Northpark 100 will still require some rezoning from the city. The 14-acre site is zoned for office space, a hotel and retail, and the developers want to add residential space.
• Palisades Office Park’s owner netted Sandy Springs City Council approval on April 15 to rezone to a mixed-use district that will add hotel, apartment and retail space.
Shorenstein Realty asked for the rezoning, nixing an earlier rezoning request by a former owner that included more office space and condominiums. A representative said that current economic conditions would not support more office space. Palisades’ current office space will remain. Palisades is located at Peachtree Dunwoody and I-285.
• Developers Ackerman, H.J. Russell and Cousins have teamed up in the hopes of building a 30-story office tower near Ga. 400 and Abernathy Road in Sandy Springs, according to the Atlanta Business Chronicle.
The Chronicle speculates that the developers might like to lure the headquarters of a big company like Intercontinental Hotels Group, which has been eyeing sites in the Perimeter area. The project would be near the corner of Ga. 400 and Abernathy on the site with the Serrano condominiums. It would include hotel rooms and retail.
• The Grand Bohemian hotel has remained in limbo since 2009 while its developers wait on financing. Sandy Springs City Councilman Gabe Sterling says he’s looking forward to the 275-room, four-star luxury boutique hotel to be built in his district.
Its developers, Kessler Grand Bohemian Atlanta LLC, received a land disturbance permit for the location on the east side of Peachtree Dunwoody Road, north of Mount Vernon Highway and south of Abernathy. However, they’ve been unable to lock in financing for the $100 million project, and have had to ask for an extension from the city at least seven times, most recently on March 11.
But Sterling is optimistic the project will secure financing. “It’s a boutique hotel, which is very lacking in that area. It will be an added benefit and a unique concept,” he said.
He added that banks want to lend the developers money when economic conditions turn, and that Kessler continues to work with lenders.
• A little less clear is the future of the Tom Jumper Chevrolet property at 7200 Roswell Road, which closed in 2008 when the owner filed for bankruptcy.
“I know there’s been interest, but I don’t think there is any true movement on the property,” said city spokeswoman Sharon Kraun. “We don’t have any project/zoning/permit request in house related to the site.”