03 Feb Spruill Center for the Arts to House Residence Inn, North of Atlanta
ATLANTA – One of the last undeveloped quadrants along the Perimeter business district’s primary commercial corridor is under construction. Owned and developed by Hotel Development Partners, the 4.8-acre site that surrounds the existing Spruill Center for the Arts is soon to be home to the area’s newest Marriott-branded hotel, an internationally renowned Brazilian steakhouse and other dining and shopping amenities. The Shopping Center Group is leasing the site that is located at the signalized intersection of Ashford Dunwoody and Meadow Lane Roads.
“Ashford Dunwoody continues to serve as the Perimeter market’s primary commercial corridor,” explains Steven Smith, Director of Development, Hotel Development Partners. “The market’s established interconnectivity between retail and commercial nodes along with its accessibility to two primary highway systems make this site not only ideal for business users but also residents of the surrounding Dunwoody, single-family neighborhoods and multi-family communities.” Hotel Development Partners acquired the Spruill Center for the Arts site in 2015.
Under construction is a seven-story, 128-room, Residence Inn that is expected to be completed early 2017. Hotel Development Partners is bringing the latest prototype of this highly successful, extended-stay product to the north central Perimeter market. The firm is also developing nearby Sterling Pointe, a mixed-use development featuring a 132-room Hampton Inn and Suites along with retail and restaurants that include Corner Bakery Café, Sleep Number and two additional outparcels ideal for retail and restaurants along Ashford Dunwoody Road. The Hampton Inn will open this quarter.
“The Perimeter market is currently experiencing strong demand and is quickly becoming the economic hub of the region with new and exciting infill developments on the horizon,” explains Alan Shaw, partner, senior landlord advisor, The Shopping Center Group. “The Perimeter business district is the largest Class A corporate office market in the region with the largest percentage of the region’s employment base and is home to many Fortune 500 companies and more than 4,000 businesses, all in need of more shopping, dining and hotel amenities.”
Shaw facilitated a ground lease with Fogo de Chão Brazilian Steakhouse for the restaurant pad along Ashford Dunwoody Road to mark the second location for the well-known restaurant chain in the Atlanta market. Fogo de Chão began more than 36 years ago in Southern Brazil. The original Atlanta location in Buckhead opened in 2001. Site work is currently underway at the Perimeter location. The Shopping Center Group is in final negotiations with several potential restaurants and retailers for the remaining 6,000 square feet of space along Meadow Lane Road, expected to be finalized early 2016.
The Perimeter business district has more than six million square feet of retail and restaurant space including 1.6 million square feet at Perimeter Mall. There is easy access to two major highways – Interstate 285 and Georgia State Route 400. The market also features three MARTA rail stations and Georgia’s largest concentration of medical facilities. Nearly 100,000 employees work within a three-mile radius. Another 100,000 residents with an average household income exceeding $100,000 establish the residential trade area with an additional 2,500 multi-family units in the conception stage for future growth.
The Shopping Center Group represents some of the most recognized names in retail real estate. Currently, the firm’s landlord services division is the exclusive, third-party leasing agent for over 800 retail properties totaling 55 million square feet of retail space throughout the Eastern United States and Southern California. The firm also manages over 11 million square feet of retail property – Hotel Online News.