Buckhead mixed use project to break ground.
After a few delays, Coro Realty Advisors, an Atlanta-based commercial real estate firm, plans to redevelop a large parcel on Piedmont Road in Buckhead. The project, which will consist of residential, retail, restaurant and hotel space, is slated to break ground in the second quarter of 2016, according to Patty Pearlberg, Partner/VP Asset Management at Coro.
(Coro's other Atlanta area holdings include Park Place shopping center near Perimeter Mall, Midtown Place shopping center across from Ponce City Market, and Brookleigh Marketplace on Johnson Ferry Road in Brookhaven.)
The Buckhead property in question previously housed Bertucci's, an Italian restaurant, and later Bridgetown Grill, a Caribbean restaurant, as well as surface parking. The restaurant building was demolished a few years ago as was an adjacent building. (The parcels include the 3312 and 3316 Piedmont Road addresses.) I wrote about the project last year, but signage later disappeared and only recently resurfaced as plans were finalized.
|Land formerly home to Bertucci's and later Brigetown Grill|
Today known as Buckhead Place Market, the development is meant to be an extension of Coro's existing and adjacent development Buckhead Place. Buckhead Place, anchored by Marshalls, Pier 1 Imports and LA Fitness, is also home to Gordon Biersch and Salon Studios as well as 05 Buckhead luxury high-rise apartments and a Hyatt Place hotel. Neither project includes the Rooms To Go or Yamin's Oriental Rugs properties, as those are owned by others.
Although similarly named, this new center should not be confused with Buckhead Market Place (on West Paces Ferry Road and home to Whole Foods Market) or Lenox Marketplace (on Peachtree Road and home to Target, Publix and others.) Both of these centers are owned and managed by Columbia, South Carolina-based Edens.
Buckhead Place Market will be built in phases with grading and clearing scheduled to begin in the second quarter of this year. Construction is expected to begin in the third or fourth quarter of this year.
|Rendering of Buckhead Place Market|
According to Pearlberg, the current development is "less dense" than originally proposed [in 2008] and will include roughly 170 residential units and 20-22,000 square feet of retail/restaurant space. Pearlberg indicated that the leasing and management of the residential component will be handled by the same firm responsible for 05 Buckhead.
The project will also include a 186 room, eight story Hampton Inn & Suites hotel. I contacted representatives of Hilton Worldwide Holdings, Inc., Hampton Inn Atlanta-Buckhead and Coro Realty, all of whom indicated the new hotel will be in additon to the existing and extremely closeby Hampton Inn Atlanta - Buckhead on Piedmont Road. The existing Buckhead hotel management reasoned that the new hotel will offer suites, whereas their property does not. The current Hampton Inn hotel is six floors, 153 rooms. The new hotel is scheduled to welcome its first guests in early 2018.
|Existing Hamton Inn Atlanta - Buckhead (3398 Piedmont Road)|
Plans also include adding 835 parking spaces to the current 908 for a total of 1,743 (between the two centers), according to the Coro website. A large number of these spaces will be built under the new buildings.
Just to be clear, plans for this development have been in the works for years, then downsized and finally approved. Plans for Equity One's nearby dramatic redevelopment of the property known to many as the "Disco Kroger" shopping center (officially Piedmont Peachtree Crossing) are FAR more preliminary. The sketches released last month (and later spead by irresponsible media) that seem to show an almost too good to be be true project, are just that: too good to be true. Credible sources within the Buckhead civic and real estate community have cast serious doubt on the feasibility of such a significant redevelopment and see it as highly unlikely to be approved (as it is currently described.)
|Bumper to bumper traffic as I try to exit "Disco Kroger" shopping center|
As one who works not far from these centers and travels this stretch of Piedmont Road to and from work almost daily, I, too, worry that if the Equity One proposal is approved in a version anything like the current design, that traffic will get infinitely worse. At the end of the day, the city (of Atlanta) needs to wake up and make transit a priority.
What are your thoughts on either project? Does it make sense to have two Hampton flagged hotels in Buckhead? What transit options would you like to see implemented in Buckhead?
Please share your thoughts below.