We were on hand at the top of the Grand Hyatt in Buckheads parking deck as officials with Crescent Resources, Cousins Properties and other CRE pros broke ground on Crescents apartment project in the heart of the Terminus mixed-use development. In fact, that hole in the ground here (directly behind the Grand Hyatt) will house the 355-unit luxury apartment complex that will also have 10k SF of office and retail space.
Crescents Ben Collins says one of the challenges for the $67M project was to get it through planning, permitting, and groundbreaking in 10 months, at a site originally slated by Cousins to develop another office tower. It was our challenge to come in and find a way to unlock this development, Ben told an audience of more than 50 CRE pros. Crescent has invested $20M in equity in the project and secured financing from JPMorgan Chase.
Hardin Constructions Russell Brockelbank and Cousins John McColl. John says hes seeing lots of office leasing activity in metro Atlanta but still described much of it as cannibalization of one office building from another. (Wasn't there a Twilight Zone episode about offices that cannibalize each other?)
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