KDC Receives Approval for Two New Towers at Mixed-Use Park Center Development in Dunwoody, Georgia

by John Nelson

DUNWOODY, GA. — The Dunwoody City Council has approved the rezoning of Phase IV of Park Center, a 17-acre, transit-oriented office campus in metro Atlanta. The master developer of the project is KDC, a Dallas-based corporate development and investment firm.

The amended zoning will allow KDC to change its plans from a standalone fourth office tower to a two-tower project that will comprise 175 hotel rooms, 300 residential units, 22,000 square feet of retail space and 300,000 square feet of office space. The plan includes two towers on a common podium with a 20-story apartment tower and a combined office and hotel tower, where six floors of hotel rooms will sit atop 12 levels of office space.

Phase IV represents the final phase of Park Center and will occupy the last undeveloped portion of the development, which was originally conceived as a 2.2 million-square-foot East Coast hub for State Farm Insurance. The project team includes local architecture firm Cooper Carry.

The current campus contains three office towers developed over the past 10 years: the 600,000-square-foot Park Center One, which is directly connected to the Dunwoody MARTA Station; the 621,000-square-foot Park Center Two with more than 39,000 square feet of retail space; and the 440,000-square-foot Park Center Three.

Buildings Two and Three, as well as the planned Phase IV, are located on 12.2 acres across Perimeter Center Parkway from Building One.

KDC purchased Park Center Two and Three in 2022 in a sale-leaseback transaction with State Farm, as well as the 2.6-acre site for Phase IV. Construction on the new mixed-use project is scheduled to begin in 2025.

Due to complications arising from the COVID-19 pandemic, State Farm has had to alter its plans at Park Center. In 2021, the insurance giant struck a sublease deal with Carvana to occupy more than 550,000 square feet at Park Center I. The online automobile dealer had to terminate its sublease in 2023, according to multiple media outlets.

Since its founding more than 30 years ago, KDC has developed 154 corporate build-to-suit office and industrial projects totaling more than 37 million square feet. The company is currently developing a campus for Wells Fargo in Irving, Texas, and a tower for Bank of America in Uptown Dallas.

— John Nelson

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