A massive, $250 million development on Clifton Road is on the fast track to completion, with concrete being poured, parking decks being built and colossal mounds of dirt being leveled.
First announced four years ago – and then delayed as the economy went south – Emory Point’s first phase is projected to open in the fall of 2012. According to its two Atlanta-based developers – Cousins Properties and Gables Residential – the project’s first phase will include more than 80,000 square feet of retail space and 443 luxury apartments.
The companies also said the development is first new retail project built in the area in 20 years, and the largest private development start inside the Perimeter since 2007.
Emory Point is located in the Clifton Corridor, next to Centers for Disease Control and Prevention and close to Emory University and Emory Healthcare. “The development is designed to draw from current CDC and Emory faculty and staff,” said Lynette Hegeman, Gables vice president of marketing. “We feel like the project will minimize traffic in the area, because the residential component will allow people who work at those facilities to walk or bike to work.”
Emory Point’s second and third phases will be developed according to market demand.
Currently, most of the construction is centered on building a detention pond and laying the foundation and pillars for the 950-car, eight-level parking deck. Hegeman said Emory Point will be announcing several retail lease agreements in the near future.
Apartment pre-leasing will begin next spring. The developers have not released any leasing figures.