Third & Urban is planning a major redevelopment at the site of a number of dated office buildings. The developer hopes to replace the Corporate Square complex with a mixed-use venture. Located off Buford Highway, the 32-acre site is on the opposite side of Interstate 85 from Children’s Arthur M. Blank Hospital and Emory University’s forthcoming Executive Park innovation district.

The Atlanta Business Chronicle reports Third & Urban is proposing 2,000 residential units, consisting of a mix of apartments, senior residences, corporate housing units and townhouses. The developer also envisions a 350-key hotel, 30,000 square feet of retail, 100,000 square feet of medical office space and a public plaza.

Brookhaven City Council would need to rezone the land for the developer’s intended use before the project could move forward.

Third & Urban, known for in-town mixed-use projects such as Westside Paper and Armour Yards, targets underperforming office parks in high-growth suburbs on the edge of Atlanta proper.

Retail giant Site Centers has paid a big price for a smallish retail center. The company paid $30.2 million for the 45,000-square-foot Brookhaven Station, or about $670 per square foot. Research firm Databank reports that’s the highest amount paid per foot this year for a retail center. The Atlanta Business Chronicle reports over the past year, 704 retail properties were sold in metro Atlanta. The average transaction price was $193 per square foot.

JLL worked on behalf of the seller, Hendon Properties. It acquired Brookhaven Station in April 2021 for $18 million. JLL says the Brookhaven Station had nearly one-million visitors over the past 12 months and has maintained historical occupancy of nearly 100%. Brookhaven Station was built in 1985 and renovated in recent years.

The 4.6-acre neighborhood retail center is along Peachtree Road near the Brookhaven Marta station. It’s tenants include Chick-fil-A, Mellow Mushroom, Fox Bros. Bar-B-Q, Chopt and a Northside Hospital primary care location.

Brookhaven Station was built in 1985 and renovated in recent years.

A mental health treatment program has bought a 111-key Hampton Inn & Suites along North Druid Hills Road for $17 million, to expand its services. Skyline Trail has also purchased an adjacent restaurant property along Buford Highway late last year.

Brookhaven-based Skyland Trail began offering residential mental health treatment services for adults in 1989. In 2019, it expanded to offer residential treatment for young people ages 14 to 17.

The organization has five campuses in metro Atlanta: the main adult campus in Brookhaven, the South Campus in Decatur, the North Transitional Living Campus in Brookhaven and the J. Rex Fuqua Campus in Chamblee.

Hunter Hotel Advisors represented the buyer and seller in the recent hotel transaction.

The landlord of a six-story office building near Perimeter Mall has sought approval to convert the space into 207 residential units for seniors. The 14-acre property, first developed in 1982, is known as Ashford Green (photo). Its office space is about 26% vacant. The proposal, fronted by Ashford Green Ventures, calls for five stories of new housing for residents ages 55 and older. Converting the office along Dunwoody Road to housing initially got the OK from Brookhaven’s planning commission. The Atlanta Business Chronicle reports the City Council has asked the developer to make changes before granting approval.

Another Brookhaven office development from the 1980s is also slated for more housing. The developer is focused on market-rate apartments.

Perimeter Summit, originally zoned in 1986, contains four office towers. Now, its owner, Spear Street Capital, has sold one of the few remaining undeveloped pieces to High Street Residential. Years ago, it would have been developed with office space. Now, High Street aims to build 350 apartments. High Street paid about $11.5 million to gain control of the 4-acre site.

High Street Residential, a Trammell Crow company, has closed on 4 acres at 5005 Perimeter Blvd in Brookhaven. It paid $11.5 million in an all-cash transaction. 

The Atlanta Business Chronicle reports High Street plans to develop around 350 apartments at the corner of Perimeter Center Parkway and Lake Hearn Drive. Rising seven stories, this will be the first set of residences as part of Perimeter Summit. Perimeter Summit already has four office towers and a Hyatt Regency Hotel.

Even though financing has not been secured, High Street plans to break ground in November. High Street is a wholly owned operating subsidiary of Trammell Crow Company (TCC), which specializes in the development of multifamily housing. They say on their website they have a deep background in urban and suburban, infill mixed-use residential development, as well as the redevelopment or repurposing of existing facilities.

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