Key Points:
• Corporate Square will encompass 30 acres at the former Corporate Square property.
• Phase one of the project will see 10,000 square feet of retail, 390 multifamily units, 23 rental townhomes, 119 for-sale townhomes, and 140 corporate housing units.
• 10 percent of the rental units will be designated as affordable housing.
Atlanta-based real estate company Third & Urban and its capital partner, HighBrook Investors, have completed the assembly of 30 acres fat the former Corporate Square and renamed the project named Northbend in reference to the bend of Peachtree Creek along the property’s northern border.
Brookhaven City Council voted unanimously this spring to approve the rezoning of Corporate Square, rubber-stamping real estate developer Third & Urban to move forward with plans to convert the massive office park to residential, retail, restaurant, and recreation spaces.
“Welcome to Brookhaven,” Mayor John Park declared at the Tuesday, April 22 city council meeting.
Located in Brookhaven between Buford Highway and I-85, the property has eight underutilized office buildings, which will be demolished to allow for new infrastructure and improved road networks.
Design plans are underway, with an expected groundbreaking next summer. Northbend is estimated to generate $8.2 million in annual tax revenue for the city upon completion, the release said, and will create more than 400 construction jobs and 300 permanent jobs.
“Northbend will transform an outdated, underutilized office park into a vibrant gathering place for the Brookhaven community and beyond,”Hank Farmer, partner at Third & Urban, said in the release. “This redevelopment is a catalyst for economic growth by bringing more housing, green space, retail and connectivity to the area’s fast-growing employment center. “
Northbend’s first phase will encompass 10,000 square feet of retail, 390 multifamily units, 23 rental townhomes, 119 for-sale townhomes, 140 corporate housing units, and a one-acre activated Public Plaza.
Ten percent of the project’s rental units will be designated as affordable housing. The retail offerings will be food- and beverage-oriented, in partnership with local businesses already established in the Buford Highway corridor.
Third & Urban is pursuing LEED certification for Neighborhood Development, and upon completion, public green space will total approximately five acres across the site.
Northbend will also connect with the Peachtree Creek Greenway, which will eventually tie to the Atlanta Beltline, Path 400, and the Southeast Conservancy nature trails, according to the release. Third & Urban will preserve a large tree canopy along the Greenway, incorporate public art throughout the development, and perform infrastructure improvements on roads, sidewalks, and linear parks.
Third & Urban has developed notable projects in Atlanta, such as Common Ground (with New Realm Brewing), Westside Paper, Armour Yards, and a recently acquired retail district in Virginia-Highlands.
Third & Urban also recently announced plans for its project with Trammell Crow Company – Hillcrest, an 8.1-acre mixed-use development in the heart of Sandy Springs.