May 11, 2016

Pollack Shores Demos CRE Development Trend

ATLANTA—“As the city of Atlanta and its surrounding suburbs continue to grow, fewer undeveloped parcels of land are available.”

By Jennifer LeClaire, GlobeSt.com

ATLANTA—Pollack Shores Real Estate Group is betting big on Sandy Springs, GA. The firm just acquired a parcel of land at 5901 Peachtree-Dunwoody Road next to the Palisades office park at a time when office rates are hitting an all-time high.

Pollack is planning to expand the current property’s uses without sacrificing the existing office development. All told, the expansion will bring 425 luxury multifamily units and 10,000 square feet of retail and restaurant space to serve the neighboring commercial office park and surrounding community.

“As the city of Atlanta and its surrounding suburbs continue to grow, fewer undeveloped parcels of land are available,” Michael Blair, managing director of Pollack, tells GlobeSt.com. “We were really drawn to Palisades’ proximity to MARTA and its location near numerous job centers in the Perimeter market. We feel the property is a perfect candidate to redevelop into a more usable and walkable destination that better serves the existing office tenants, neighboring properties and future residents.”

Pollack’s move demonstrate a commercial real estate development trend to increase the usability of existing properties in already developed areas. The development of retail and restaurant space at Palisades aims to increase the quality of life for neighbors and office tenants looking to be a part of the live-work-play lifestyle.

Pollack Shores is absorbing most of the costs for infrastructure improvements in the area, including the addition of an East-West Connector between Peachtree-Dunwoody Road and Perimeter Center Parkway that will allow traffic to easily access the new 2.2 million-square-foot State Farm Insurance regional headquarters expected to open in late 2016.

Pollack expects to wrap up the redevelopment by winter 2018. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the residential portion of the property.

Read the full article here.