'Not Dead' Yet
Greenstone Properties' Chris Schoen says they're not giving up on the Riverwalk project in Cumberland Galleria. We reported here about Greenstone's project – a seven-acre mixed-use development that would include a 237k SF office building, 250 apartment units, and 8k SF of retail with financing by Preferred Apartment Communities, which was to move its 60k SF office there as well. At least, that was the intention. Then a tax incentive and bond deal with the Cobb County Development Authority was opposed by the school board, leading Greenstone to withdraw its plans last week just before a hearing before Cobb County Superior Court. “Let's just say we're not dead,” Chris tells us. Chris says most likely Greenstone will alter its project plans, including maybe scaling it back. We'll know more in a few weeks.