In what could be a harbinger of things to come around metro Atlanta, a Charlotte-based real estate investment firm has offloaded extra land around its Gwinnett County office complex for denser development.
Redline Property Partners sold 2.2 acres of excess land in April at its Sun Court project in Peachtree Corners for developing a mixed-use property that officials predict will be a “vibrant live-work-play destination.”
The buyer is a development partnership called Spalding Site Partners LLC, led by Fred Kay and Bruce Fernald, the latter a veteran of intown developer JPX Works.
Plans call for building 170 “high-end residential units,” retail at the base, a fitness center, and an extension of the Peachtree Corners public trail system, according to a sales announcement. That would all take shape next to Redline’s four-story office building, 2 Sun Court, on the site.
A Redline rep tells Urbanize Atlanta the project is scheduled to begin construction in the second half of 2023. A sales price for the parcel in question wasn’t disclosed.
Peachtree Corners, a Gwinnett suburb of roughly 43,000 residents east of Dunwoody, is the county’s largest city. 2 Sun Court is situated off Peachtree Parkway, a mile from The Forum shopping district, which North American Properties has acquired with plans of creating a denser, more walkable mixed-use community. It’s part of Technology Park Atlanta, described in marketing materials as a “renowned master-planned community at the forefront of technological innovation.”
Redline purchased the Sun Court property in 2017 and began capital improvements to the office building that included new common areas and an outdoor tenant lounge.
“We’re thrilled to put this excess land into development,” Andrew Webb, Redline’s president and managing partner, said in a prepared statement. “With this development, Sun Court will become an even more vibrant live-work-play destination in Peachtree Corners.”
Last summer, the mixed-use proposal gained approval from both the Peachtree Corners Planning Commission and City Council, pending a handful of conditions.
The planning commission required the 2 Sun Court office building to be left as offices in its current configuration—and that about 5,000 square feet of retail or restaurant uses, at minimum, be placed at the base of the new apartment building. The commission will also require developers to complete their portion of the multi-use trail before a Certificate of Occupancy will be issued, a necessary step in allowing the new building to be occupied by renters.
The city council, meanwhile, is requiring developers to pay 50 percent of the base cost of a nearby pedestrian crossing for the multi-use path within 30 days of a land disturbance permit being issued.
Follow us on social media:
• Peachtree Corners news, discussion (Urbanize Atlanta)