Atlanta-based Regent Partners plans to break ground this fall on a high-rise multifamily building, The Regent, and immediately follow at the beginning of 2001 with groundbreaking for the Tower Place 400 office building in Atlanta's Buckhead submarket. The buildings will be part of Tower Place, the 26-acre, mixed-use project that borders Peachtree Street, Piedmont Road and the Buckhead Loop. The new developments are scheduled to be completed by late 2002 or early 2003.
The $200 million investment in the new properties will add 585,000 sq. ft. of Class-A office space and 286 luxury apartments, as well as a fine-dining restaurant. According to locally based Richard Bowers & Co., the 11 million sq. ft. Buckhead submarket was 96% leased at mid-year.
A lead tenant and imminent groundbreaking at Tower Place 400 may change the course for other proposed Buckhead office buildings. Chicago-based Equity Office Properties Trust, Houston-based Hines, Philadelphia-based Rubenstein Co., Toronto-based TrizecHahn and The Hogan Group, Tampa, Fla., all have announced plans to develop Buckhead office buildings. The Hogan Group building is a speculative tower, and TrizecHahn has preleased 125,000 sq. ft. of a 560,000 sq. ft. proposed building to Atlanta-based S1 Corp.