Parkside Deal With Hanger Opens Door to Perennial Development
Parkside Partners latest deal paves the way for Atlanta-based Perennial Properties to launch its latest Atlanta apartment project. Parkside has inked a deal with Hanger Orthopedic to move from its current digs in South Buckhead (SoBu to us fancy hats) to 81 Peachtree Park, a 12k SF building in West Atlanta right next to the Beltline. The deal gives a green light to Perennial Properties, which bought Hanger's current home at 1789 Peachtree, along with two other adjacent properties, to break ground on a new intown multifamily project.
Perennial's Whit Johnson says there are no immediate plans to start the as-yet-unnamed project, which will involve 250 units and retail/restaurant on the ground floor. “We have long-term development plans in place, but we're not in a hurry to do anything with that site,” Whit says. With Hanger's lease expiring by early next year, and it's intent to move to Parkside's renovated project by July, Perennial could start as early as next year. But Whit says ground breaking is “undetermined” at this point.
Parkside plans to completely gut the inside of 81 Peachtree Park—its 10th office project along the Beltline—and redevelop it for Hanger's sole use. Scotland Wright and Associates' Michael Tucker and Cushman & Wakefield's Dan Rasmussen brokered the deal for Hanger. Parkside's Kyle Jenks (on right with partner Gary Matthews) has certainly been busy this year. Aside from a string of boutique office projects in West Midtown and in Chamblee, his firm also was awarded the redevelopment of the Chamblee MARTA Station from the transit organization in a JV with Pattillo Industrial Real Estate that will see 38k SF of office and 13k SF of retail.