Regions Southeast | Atlanta
Nov 7, 2007
By: Dees Stribling, Contributing Correspondent
CRB Realty will develop a new mixed-use highrise in Midtown Atlanta on land currently owned by Lutheran Church of the Redeemer. Recently the church agreed to sell a portion of its land holdings to the developer, with the stipulation that the existing church structures be part of a master plan for the overall development, so that the new development doesn't clash with the existing properties.
The Church of the Redeemer owns about three acres on the northern and southern sides of Fourth St. at Peachtree St. in Midtown Atlanta. CRB Realty will purchase the northern block from the church in a deal that was affirmed by a vote of the congregation last Sunday, 414 for and 65 against, according to the church's senior pastor, Rev. Dr. Michael Foss.
On the northern block, CRB will develop a 600,000-square-foot mixed-use tower of up to 40 stories. The mixed-use property, which will be included in the master plan along with the church-owned property, will include as much as 40,000 square feet of streetfront retail, a boutique hotel, offices and rental apartments or condos.
Atlanta architect Tom Ventulett of Thompson, Ventulett, Stainback and Associates will create the master plan over the next year. Among other projects, TVS designed the Woodruff Arts Center, Technology Square and the Georgia Aquarium, and worked with Atlantic Station in its master planning. Construction on CRB tower is scheduled to begin in early 2009, with a completion set for the fall of 2010.
"There's strong demand for commercial and residential space in Midtown," Scott Brown, president of CRB, told CPN this afternoon. "The master plan will be the guide to developing the new space in a way that's compatible with what's already there, while at the same time meeting that demand."
Midtown has been a busy market recently. In the third quarter of 2007 alone, Transwestern Investment Co. bought Campanile, 439,300-square-foot office tower at Peachtree and 14th streets, for about $98 million from AT&T. Also, Selig/Daniel broke ground on the first phase of 12th & Midtown, a 725,000-square-foot office tower, the largest in the market in over 15 years.
By: Dees Stribling, Contributing Correspondent
CRB Realty will develop a new mixed-use highrise in Midtown Atlanta on land currently owned by Lutheran Church of the Redeemer. Recently the church agreed to sell a portion of its land holdings to the developer, with the stipulation that the existing church structures be part of a master plan for the overall development, so that the new development doesn't clash with the existing properties.
The Church of the Redeemer owns about three acres on the northern and southern sides of Fourth St. at Peachtree St. in Midtown Atlanta. CRB Realty will purchase the northern block from the church in a deal that was affirmed by a vote of the congregation last Sunday, 414 for and 65 against, according to the church's senior pastor, Rev. Dr. Michael Foss.
On the northern block, CRB will develop a 600,000-square-foot mixed-use tower of up to 40 stories. The mixed-use property, which will be included in the master plan along with the church-owned property, will include as much as 40,000 square feet of streetfront retail, a boutique hotel, offices and rental apartments or condos.
Atlanta architect Tom Ventulett of Thompson, Ventulett, Stainback and Associates will create the master plan over the next year. Among other projects, TVS designed the Woodruff Arts Center, Technology Square and the Georgia Aquarium, and worked with Atlantic Station in its master planning. Construction on CRB tower is scheduled to begin in early 2009, with a completion set for the fall of 2010.
"There's strong demand for commercial and residential space in Midtown," Scott Brown, president of CRB, told CPN this afternoon. "The master plan will be the guide to developing the new space in a way that's compatible with what's already there, while at the same time meeting that demand."
Midtown has been a busy market recently. In the third quarter of 2007 alone, Transwestern Investment Co. bought Campanile, 439,300-square-foot office tower at Peachtree and 14th streets, for about $98 million from AT&T. Also, Selig/Daniel broke ground on the first phase of 12th & Midtown, a 725,000-square-foot office tower, the largest in the market in over 15 years.
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