Credit crunch delays Emory Point project

A mixed-use project adjacent to Emory University is delayed because one of the developers is having trouble getting financing.

Emory Point, which is to have apartments, condominiums and retail, was supposed to get underway this quarter. But Gables Residential, the developer of 275 apartments in the project’s first phase, has not yet found financing.

Gables and Cousins Properties are partners in the project.

“It now appears this project will be delayed into next year due to our apartment partners’ need to find financing … in this very difficult market,” Cousins CEO and Chairman Tom Bell told analysts Thursday.

“For us that may not be such a bad thing because it will give us some more time for the financing markets to improve for our condominium buyers,” Bell said. “We and Emory continue to be extremely excited about this project.”

A spokesman for Gables, a private real estate investment trust, could not be reached for comment.

Cousins’ role is to develop 93,000 square feet of retail and restaurant space and 172 moderately-priced condos.

The site is close to the Centers for Disease Control and Prevention and the Veterans Administration hospital.