A long-planned office complex dubbed NorthPlace is moving ahead at Barfield Road and Mount Vernon Highway in Sandy Springs’ booming corporate-headquarters corridor along Ga. 400 and Abernathy Road.
The Perimeter’s thriving office-space market is moving NorthPlace forward. But it remains to be seen whether that momentum will spread to other stalled plans—including an office skyscraper and a luxury hotel—on major parcels around the Ga. 400/Abernathy intersection.
“The rental rate on office space…is really at the highest levels ever,” said Kirk Demetrops, president of Sandy Springs-based MidCity Real Estate Partners, which is teamed with Atlanta’s Crocker Partners on the NorthPlace project.
The apartment market was the first real-estate sector to come booming out of the recession, Demetrops said, and now the office market is following suit.
Both trends have made a splash on Abnerathy Road just west of Ga. 400, where Mercedes-Benz USA will build its new headquarters alongside more than 1,000 units of housing from developer Ashton Woods.
Having “one of the premiere brands in the world” moving just up the block sure doesn’t hurt in marketing NorthPlace’s office space, Demetrops said.
Then again, he noted, the Ga. 400/Abernathy/Mount Vernon area has long been attractive to corporations, with its highway and MARTA access.
“Corporate headquarters after corporate headquarters have chosen to relocate here,” Demetrops said.
Those include UPS, Newell Rubbermaid and Global Payments on Glenlake Parkway.
The following projects are pending or underway around the Ga. 400/Abernathy intersection:
The 3.7-acre NorthPlace office site would be anchored by two office towers, one about six stories and one about 10 stories, along with build-to-suit structures. It’s the second phase of a redevelopment that began about a decade ago with the Promenade at NorthPlace condos farther up Barfield Road. The entire site previously was a car dealership.
Demetrops said some potential tenants “have been waiting for us” and will be ready to occupy the site.
This massive proposal along Abernathy between Ga. 400 and Barfield broke ground in 2007, but only the Serrano mixed-use building has been built. Plans for over a half-million square feet of offices and a hotel have yet to materialize, though the current development team—Cousins, Ackerman & Co. and H.J. Russell & Company—issued updated drawings last year. The developers did not respond to emails seeking comment.
A gigantic mixed-use plan with 500 apartments and a 50-story office tower was proposed last year for the 16-acre open space in the southeast corner of the Ga. 400/Abernathy intersection. The developer is Hines, who built Dunwoody’s Ravinia tower. After community debate, Hines reduced the scale of its plans, then withdrew them about a year ago. Hines did not respond to emailed questions about the project’s status.
The 275-room luxury hotel was proposed by the Kessler Collection in 2008 on the wooded parcel ringed by Abernathy, Mount Vernon and Peachtree Dunwoody Road. The project has stalled since then, reportedly due to difficulties in securing financing. Kessler currently has a sign posted on the property advertising 34,500 square feet of it for sale as a “potential high-rise condominium development” to be done “in conjunction with” the hotel.
A Kessler spokeswoman said there will be no “official updates” on the hotel until next year at the earliest as the company focuses on an Alabama hotel.
Somerby of Sandy Springs
This 200-unit luxury housing for seniors by Dominion Partners is under construction at 25 Glenlake Parkway. Dominion did not respond to emails seeking comment, but company websites say the project will offer independent living, assisted living and memory care, and is slated for a late 2016 opening.