Monday, November 10, 2008
News Memorial Drive development gets ARC's OK
Posted by Thomas Wheatley @thomaswheatley on Mon, Nov 10, 2008 at 11:44 AM
Memorial Drive's fast-moving metamorphosis from industrial eyesore to a neighborhood with amenities continued last week after the Atlanta Regional Commission stamped its seal of approval on a 10-acre development that would feature a much-needed grocery store.
The project on the corner of Memorial Drive and Pearl Street would add 71,000 square feet of retail, 12,000 square feet of office space and 350 housing units to the area. It also requires the demolition of the Atlanta Dairies building.
Atlanta-based developers Brand Properties wouldn’t return calls about the project. Judging from site plans submitted to the commission, however, the $65-million project’s layout would be similar to that of the nearby Edgewood Shopping Center on Moreland Avenue — except more compact and a bit friendlier to foot traffic. It features storefronts along the streets surrounding a parking deck and courtyards.
It's an ambitious endeavor at a time when financing is tight and housing is a gamble. But it’s also a development that regional planners say is smart for Memorial Drive — a close-to-downtown thoroughfare that’s seen land prices escalate as more people want to live closer to the city.
“Kind of the easiest way to think of it is ‘Paris-style’ density — four stories with ground-level retail,” Dan Reuter of the commission says. “It’s similar to what you find in Chicago, San Francisco and even New York City. It provides a good concentration of people in an area that can support retail.”
For the project to proceed, the city must rezone the property. If things go according to plan, the developers estimate the project will be complete in June 2010.
Comments (4)
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With this cleared up, I want to know if they project on the old Lenny's site is dead.
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Word on the street is Brand Properties has now put the project on hold due to, as you put it, it being "a time when financing is tight and housing is a gamble."
I don't understand! The economy is bad...it is getting WORSE before it is getting better, and this is going up? Yes, it's needed. Yes, it's smart. Smart in 2009? Ha! Laughable! OK, you're saying it will hopefully be just like the Edgewood development. Hopefully be just like a development that can't find a homebuyer to save its life? Units upon units sitting...empty!?? This sounds more like the development at Lindbergh (and it IS nicer)...but look at it! It's even emptier than Edgewood! So empty, it was forced to shut of its little fake fountains (can't worsen a drought for no people!)! Even Atl. Station is horrid. Horrid! A sewage smell floating above units that are selling for less than they were purchased for in the beginning. So why do this now? Atl. Station is selling for LESS, not more. Edgewood is empty. Lindbergh is emptiER. The AJC just reported on the blight of intown Atlanta neighborhoods that are NOT established (established = short list). What the f@#$ are they thinking? Are they thinking? I guess they could go with the grocery, and skip all the rest......Otherwise, it's a fool's venture.
not stupid. it'll take at least a year to rezone and go through the site approval process. smart developers are getting their entitlements now. this is different than getting a construction loan. in any event, if they could, it's the best time to be securing construction on projects because contractors (and anyone remotely related to construction) are wheezing. i'll agree about the condos, but we've had a glut in that market for almost a decade. I bet most condos bought in the past 5-6 years are selling for less/same as they paid. fwiw, Lindbergh is switching all their condos to rentals.
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