ATLANTA — Cousins Properties and Gables Residential held an official groundbreaking ceremony to formally recognize the construction start on the three-phased, $250 million Emory Point mixed-used development in Atlanta. This is the first partnership between Cousins and Gables, two Atlanta-based development companies.
“We’re very excited about Emory Point and are glad to see a development of this magnitude move forward,” said Larry Gellerstedt, Cousins President and CEO. “This project represents an incredible infill opportunity in a supply constrained submarket with high demand.”
Located in the Clifton Corridor, adjacent to the Centers for Disease Control and Prevention (CDC) and in close proximity to Emory University and Emory Healthcare, Emory Point is a vertically integrated mixed-use development. Phase I will include more than 80,000 square feet of retail space and 443 luxury apartments, and is expected to be complete by Fall 2012. The second and third phases of the project will be developed according to market demand in the area.
The project has been in the works for more than 4 years, Gellerstedt says, demonstrating the commitment from both Cousins and its partners.
“Emory Point will be a dynamic anchor to the northern part of our campus,” said Mike Mandl, Executive Vice President for Finance and Administration, Emory University. “This type of mixed-use development was envisioned during the creation of the Clifton Community Partnership five years ago, and it is gratifying to see it coming to fruition as a byproduct of community engagement.”
Emory Point represents a significant development for the Atlanta region and for the neighborhood in which it's located. Aside from the fact that this is the first $100 million-plus project to start in Atlanta since 2007, Emory Point’s retail component will be the first ground-up retail development in its trade area in 20 years.
Just a 10-minute walk from the center of Emory University’s campus and directly across the street from the CDC, which has 8,500 employees, this project provides much-needed supply in a neighborhood that (unlike most of Atlanta) does not have convenient interstate access.
“There is tremendous pent-up housing demand in this neighborhood, making Emory Point a bright spot in an otherwise challenging market,” said David Fitch, Gables Residential President and CEO. “We’re consciously focused on in-town areas surrounded by mature neighborhoods, and with 1,600 homes in surrounding neighborhoods, the Clifton Corridor is a natural fit.”
Since the area is underserved for retail and residential, there should be a carte blanche. Though the retail tenants won’t be announced until Fall 2011, Gellerstedt says that there will be a strong mix of national and local retailers touching necessity-based and lifestyle.
“Emory Point will be a nerve-center for this greater region as a destination spot,” said Fitch. “Atlanta is back.”
— Dan Marcec