The Emory Point project, the first new retail development in Atlanta’s Clifton Corridor trade area in 20 years, has broken ground near Emory University and the Centers for Disease Control and Prevention.
The mixed-use project is also the first partnering between Atlanta-based companies Cousins Properties (NYSE: CUZ) and Gables Residential, and the largest construction start within the metro Atlanta Perimeter in more than three years.
The more-than $100 million first phase, which includes more than 80,000 square feet of retail and 443 apartments, is scheduled to open in fall 2012. The second and third phases of the project, estimated at a total $250 million investment, will be developed based on market demand.
The project, delayed by the recession in 2008, will provide housing, dining and shopping for Emory faculty, staff and students. Larry Gellerstedt, Cousins president and CEO, said it’s a significant infill opportunity in a supply constrained submarket with high demand. David Fitch, Gables Residential president and CEO, added that tremendous pent-up demand for housing in the area makes Emory Point “a bright spot in an otherwise challenging market.”
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