A $270 million mixed-use project has been announced for the southwest corner of Georgia 400 and Abernathy Road in Sandy Springs which will include 550,000 square feet of office space, 20,000 square feet of retail and restaurant space, a 400-room hotel and a 150-unit condominium community.

Named “Abernathy 400,” the development is a team project of three Atlanta developers. Ackerman &n Co. will team up with Russell New Urban Development to build the two office buildings and hotel and could begin construction as early as the third quarter of this year.

Russell New Urban Development is a subsidiary of H.J. Russell & Co.

Multifamily developer Lane Co. will develop Serrano, a 150-unit Mediterranean-style condo community with prices starting in the low $300,000. Serrano also will include 6,500 square feet of retail space. The Preston Partnership LLC is the designer and real estate firm Evolv will handle marketing and sales for Serrano.

Ackerman and Russell are reportedly considering starting the office buildings on a speculative basis, beginning construction without any signed leases. The larger of the two office buildings, with 350,000 square feet, would be the first to be constructed.

Ackerman and Russell hope to sign a premium four-star hotel, such as Hilton or Hyatt, for Abernathy 400.

This would be one of the largest new developments in the Central Perimeter market, which extends along I-285 adjacent to Georgia 400 and is bordered by Ashford-Dunwoody Road, I-285, Roswell Road and Abernathy Road.

There are few contiguous large blocks of office space available in the market and the vacancy rate is 17 percent, down 3 percent from a year ago. Within the past five years, the vacancy rate in the market was more than 26 percent.