Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

Issue link: http://southeastrealestatebusiness.epubxp.com/i/735102

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www.REBusinessOnline.com Southeast Real Estate Business • October 2016 • 51 the nearby employment centers out of their cars. We're all playing off of the employ- ment centers in Central Perimeter, Mercedes-Benz new corporate head- quarters, Pill Hill and the Cumber- land/Galleria submarket with Sun- Trust Park and The Battery Atlanta underway. People are gravitating to this area because of its quality of life and its proximity to each of those em- ployment centers, as well as our ease of access to Buckhead. France: What's the latest with the public transportation for this area? Poole: Yes it's identified in our City Center master plan, it's important to have some type of public transporta- tion between the City Center area over to the Central Perimeter area. Case in point, the city's Next Ten campaign outlines some of the public transporta- tion options we should consider. The other study we're doing is a phased approach that's a joint effort between us, Brookhaven, Dunwoody and Pe- rimeter CID (PCID). We all have plans but no one has really connected the dots to see if the plans mesh well. One of the first orders of business for us is to make sure our plans match up. We're also looking into what I call a "mass people mover system." We have to do something and we're trying to utilize our existing infrastructure. We have a small footprint and we want to identify the nodes of where it will be possible to take advantage of that sys- tem. Getting off of MARTA, how do you get to where you want to go two miles away? Can I ride a bike, get on a bus or walk on a path? That's the last mile connectivity we're trying to tack- le. We will identify a corridor for this mass people mover system that will help in that area and it branches out to Brookhaven and Dunwoody. City Center may not be a stop but there may be a trolley or bus from that stop to our corridor. Nieman: In the short-term, can you implement something like Buckhead did with the Bucride free shuttle? Poole: PCID is already doing that in a formal way with the Perimeter Shuttle. A lot of corporate businesses have their own shuttle systems too, to the point where some are willing to jointly work together. To go to one shuttle system like Bucride is a viable solution we're looking at. SREB: Two nationwide trends that have been around for years are live/ work/play environments and infill ar- eas, and these projects fit the bill for both. To our residential developers, what demand is there for residential in this area? Friedmann: We're focused on the ex- periential lifestyle and activating the social streetscape. We see that young professional who wants an urban life- style, and we wanted to bring that to Sandy Springs as the demand in- creases. We look at the demographic of the employment base in Central Pe- rimeter: traffic comes through Sandy Springs as people travel from home to work, but those commuters don't live here. The existing product either isn't to their preference, or misaligns with their budget. There's certainly a large demand for the type of product we're building — mixed-use, active lifestyle communities. We are constructing 340 luxury residential rental homes on top of 25,000 square feet of retail to meet that demand. Our vision at Mill Creek is to always approach our projects as mixed-use opportunities catering to each com- munity's specific neighborhood. We believe the retail complements the res- idential, and vice versa. We worked with the city of Sandy Springs exten- sively to incorporate their vision of the street grid system into our project. We will have four means of ingress and egress to help alleviate traffic from Roswell Road. Kaplan: George Morgan and Ka- plan Residential are building Square One, formerly known as One City Walk, at the corner of Roswell Road and Hammond Road. We just started pre-leasing within the last month, and we were the first to break ground along this corridor. What we've seen in the early stages is a more estab- lished crowd and demographic from the surrounding area inquiring about our residences. The progression of the restaurants and retail in the area is at- tracting the Millennial demographic to our development. I'm not sure if the lifestyle component has reached its full potential yet, but the Whole Foods Market and other pieces are in place today, to help attract that crowd. We have 10,000 square feet of retail below our 203 residences, and at the To discuss your unique needs, contact us below Andrew W. Proctor, Principal Jodie D. Strum, Principal aproctor@atlanƟcrecap.com jstrum@atlanƟcrecap.com 804-523-1402 804-523-1407 www.atlanƟcrecap.com 4198 Cox Road, Suite 201, Glen Allen, Virginia 23060 AtlanƟc Real Estate Capital is an independent, full-service commercial mortgage banking firm. A preferred partner to commercial real estate developers, owners and investors seeking financing in the $3—$100+ million range, AREC has a passion for providing intelligent soluƟons that go beyond client expectaƟons. AREC offers the best of both worlds — aƩenƟve bouƟque service coupled with broad industry connecƟons. HAMPTON ROADS, VIRGINIA Recent TransacƟons: READING, PENNSYLVANIA CHARLOTTE, NORTH CAROLINA CHESAPEAKE, VIRGINIA RICHMOND, VIRGINIA NASHVILLE, TENNESSEE ATLANTA, GEORGIA JACKSONVILLE, FLORIDA CHESTERFIELD, VIRGINIA Suburban Office Porƞolio $82,670,000 Non-recourse balance sheet Industrial/Flex Porƞolio $19,500,000 CMBS Office Porƞolio $35,500,000 Balance sheet & Mezzanine Unanchored Retail $11,850,000 Non-recourse balance sheet Self-Storage $6,000,000 ConstrucƟon/Mini-Perm CBD Office $55,000,000 Non-recourse balance sheet Limited Service Hotel $5,000,000 CMBS CBD Office $24,205,000 Non-recourse balance sheet Medical Office $12,200,000 CMBS

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