Greenstone Properties plans to build an office building, luxury apartments, retail shops and restaurants in Cobb County’s Cumberland/Galleria area, the Atlanta-based developer said Wednesday.
The project, near I-75 and Cumberland Boulevard, is on the opposite side of the Perimeter from the site for a stadium the Atlanta Braves propose to build. But a spokesman for Greenstone said the mixed-use project should benefit from the economic activity the stadium will generate.
The Braves unveiled plans Wednesday for the $400 million entertainment district with shops, restaurants and bars leading up to the new $672 million stadium set to open in 2017. The team envisions a pedestrian bridge across I-285 linking to Cobb Galleria.
With financing from apartment developer John Williams’ Preferred Apartment Communities, Greenstone closed on its 7-acre land deal with Crescent Resources on Monday, said Chris Scott, a Greenstone principal. The property is just south of the Cobb Energy Performing Arts Centre and fronts the interstate.
Scott said Greenstone had the property under contract several months ago, and Crescent Resources, which also once envisioned an office tower for the property, had owned it for about a dozen years. The property was rezoned for greater office density about a month ago.
Scott said Greenstone had been working on the project “for a while” and “had no clue” that Cobb County and Braves officials were in talks about a new stadium.
In the weeks leading up to the blockbuster announcement that the Braves will relocate to Cobb County, an examination by The Atlanta Journal-Constitution found investors quietly snapped up key properties around the proposed site of the ballpark.
Greenstone said a 45 percent equity stake, led by Williams, will allow it to start site preparation next month. Grading, construction of retaining walls and other site work should be completed by April, paving the way for construction to start on buildings within the 237,000-square-foot development. Scott said the remainder of the financing “is achievable.”
Scott didn’t put a value on the entire project but said the Class A office building will cost about $60 million to build. Plans for the project also call for 250 luxury apartments and 6,000 to 8,000 square feet of retail and restaurant space.
Upon completion, which is expected in the spring of 2015, Scott said Preferred Apartment Communities will relocate from its current headquarters on Cumberland Boulevard and take up 60,000 square feet of space in the new office building. Greenstone, which recently moved its offices from Alpharetta to Windy Ridge Parkway near the Wildwood business community, also will move its headquarters to the new office building.
The architect on the project is Atlanta-based Wakefield Beasley & Associates, and the general contractor will be Birmingham-based Brasfield & Gorrie.
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