(July 19, 2011) – Cousins Properties and Gables Residential have started construction on the $250 million Emory Point mixed-used development on Clifton Road. The development will be the first new retail project built in the trade area in 20 years; the largest private development start inside the Perimeter in more than three years; and the first partnership between Cousins and Gables – two Atlanta-based development companies.
“We’re very excited about Emory Point and are glad to see a development of this magnitude move forward,” said Larry Gellerstedt, Cousins President and CEO. “This project represents an incredible infill opportunity in a supply constrained
submarket with high demand. We’re fortunate to have an exceptional partner in Gables and are grateful for our strong relationship with Emory University, which trusted us with leading this opportunity.”
Located in the Clifton Corridor, adjacent to the Centers for Disease Control and Prevention and in close proximity to Emory University and Emory Healthcare, Emory Point is a vertically integrated mixed-use development; Phase I will include more than 80,000 square feet of retail space and 443 luxury apartments.
Under the DeKalb County zoning plan for Emory Point, 25 acres of densely wooded land behind the development, approximately half of the site, will be protected as undevelopable under Emory’s land classification plan. Prior to the rezoning, those woodlands were not protected. The development site is also registered for EarthCraft Communities certification, while the apartment component is registered for EarthCraft Multifamily certification. In addition, retail portions of the development have been designed to meet EarthCraft standards.
“Emory Point sets the new standard for the Emory community because it blends pedestrian-friendly retail with luxury apartment living, all while being an environmentally conscious development,” said David Fitch, Gables Residential President and CEO. “There is tremendous pent-up housing demand in this neighborhood, making Emory Point a bright spot in an otherwise challenging market.”
The $100+ million Phase I of the project began construction early this month and is expected to be complete by fall 2012. The second and third phases of the project will be developed according to market demand in an area. Emory University, which includes Emory Healthcare, is the largest employer in DeKalb County and the third largest employer in metro Atlanta.
“The proximity of Emory Point to our campus will enhance the social and intellectual vibrancy at Emory by providing housing, dining and retail venues for faculty, staff and students,” said Mike Mandl, Executive Vice President for Finance and
Administration, Emory University. “This type of mixed-use development was envisioned during the creation of the Clifton Community Partnership five years ago, and it is gratifying to see it coming to fruition.”