We got an exclusive glimpse into Greenstone Properties' planned Encore Center, a 200k SF Class-A office building at the southwest corner of I-75 and Cumberland Boulevard and down the road from the new Atlanta Braves stadium. (If at first you don't succeed. Try, try again. Even without your anchor tenant.)
If all goes as planned, Encore Center will open next summer, the first new office building delivered in the Cumberland/Galleria market in the last 12 years, says Greenstone's Chris Scott. (There are children getting ready for high school who haven't seen new Cumberland/Galleria office product. It's a shame.)
But they still need at least 30% pre-leasing—even though Greenstone plans to move its own corporate office there. And they'll be going forward without apartment mogul John Williams (here) and his corporate office (Preferred Apartment Communities was looking to take 60K SF in the Greenstone office). “They are headed in another direction due to timing. They needed to be in the building by Dec. 31, so this opportunity doesn't work unfortunately,” Chris says.
This isn't the exact same spot as Greenstone's originally planned mixed-use project the firm announced (and we reported here and here). That project was shelved after an uproar was caused when Greenstone pursued tax incentives for the development. “One of the positives that came from our involvement on the Williams project was experiencing the clear demand from office tenants for a new office building in the Northwest market,” says Chris here with his son Carter.
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