Grubb Properties is unsure when it will break ground on its massive mixed-use development in Perimeter Center in Dunwoody nearly a year after the city approved the project, citing troubles with financing.
The City Council approved in December 2018 rezoning nearly 20 acres at 41, 47 and 53 Perimeter Center East to make way for Grubb Properties’ project named the Park at Perimeter Center East. The project includes 900-condominiums, office towers and a pocket park and is planned to be built out over 10 to 15 years. But when construction will begin is unknown.
“We are finishing up the conceptual phase of the project and are finding that financing continues to be one of the biggest challenges,” Paul O’Shaughnessy, Grubb’s director of development, said in a recent email.
Original plans for the proposed project included five residential towers with 1,200 apartments and condos, a 19-story office tower and several parking decks for the project. But strong opposition from the Dunwoody Homeowners Association and City Council to building new apartments forced Grubb Properties to only include for-sale condos.
With for-sale units only, the proposed project’s financing is “completely at the whims of the market,” Andrew Rosti of Grubb told the DHA last August.
Ground won’t be broken until 50 percent of the units in the first residential tower to be built are sold, Rosti said at the time.