MDN: Atlanta Developer Files $200 Million Germantown Mixed-Use Plan
Atlanta developers have filed an outline plan with Germantown leaders for a $200 million mixed-use town village development on the 32-acre “Arthur tract” west of the Saddle Creek South retail center.
Carter & Associates LLC is seeking to develop the land as an urban center that includes residential and retail.
“What we are contemplating is a vibrant, mixed-use town center which will include upscale retail, luxury multifamily apartments as well as office and a hotel,” said Scott Taylor, president and CEO of Carter & Associates. “We want to build on the great momentum that the area has seen with Saddle Creek and include a number of chef-driven and well known restaurants as well as dynamic entertainment venues.”
Carter has not closed on the land and Taylor emphasized that the company is in its due diligence phase with the land under contract.
Carter filed its plan Thursday, March 9, for the tract of land that is between Poplar Avenue and Poplar Pike, with Miller Farms Road to the west.
“It has a significant regional impact not only in Germantown but regionally as well,” said Germantown Mayor Mike Palazzolo.
Word of the tentative plan comes as construction is underway in Germantown on the $150 million Thornwood mixed-use development at Germantown and Neshoba roads.
The Arthur property, owned by the heirs of Boyd Arthur Sr. on the western gateway of the city, has been scouted for similar development for years.
Carter is a real estate investment, development and advisory firm that touts 58 years of experience with a national scope.
Carter is master developer and equity partner in “The Banks” – a mammoth mixed-use development in Cincinnati on the Ohio River between Paul Brown Stadium and the Great American Ball Park. The Banks includes 1,800 residential units, a 400-room hotel, 1 million square feet of office space and 400,000 square feet of retail.
The Atlanta company is also development manager of most of the 138-acre Atlantic Station project in Atlanta, a redevelopment of a steel mill as a mixed-use development including 11 acres of public parks.
“We are very focused on urban infill mixed-use projects and Germantown is a unique community that we felt had the characteristics and the strong fundamentals for a town center-type development,” Taylor said. “We want to help create a truly walkable, mixed-use development so you aren’t dependent on your car to get around, by providing greenspace and water features all integrated into the project in a thoughtful manner.”
The general plan for the Arthur tract in Germantown seeks a designation under Germantown’s Smart Growth planning guidelines as an “urban center.”