Sembler Co. of Florida announced Thursday it has signed a joint
venture agreement to redevelop Lindbergh Plaza at Piedmont Road and Sidney
Marcus Boulevard with the owner of the property, Noro Broadview Holding
Co. of the Netherlands.
The plan is to tear down the 379,230-square-foot shopping center at
Lindbergh Plaza and build about 800,000 square feet of retail and 250
apartment units in about 250,000 square feet on up to five floors. The
remade Lindbergh Plaza will be larger than Phipps Plaza when completed in
late 2004 or early '05.
The project is expected to cost $120 million.
The new Lindbergh Plaza, coupled with the planned redevelopment
around the Lindbergh MARTA station across Piedmont Road from where
BellSouth is set to open a new office tower, will transform the corridor
that leads to the heart of Buckhead.
Jeff Fuqua, Sembler's development division president in Atlanta, said
the 50-50 joint venture means Noro will finance half the project and
Sembler will go to banks for the rest.
Fuqua says he expects some of the current tenants at Lindbergh to be
at the new development. "We have lots of interested tenants, and we're
negotiating deals," he says.
But officials with Bennie's Shoes, one of metro Atlanta's oldest shoe
retailers, say the store will relocate in the vicinity. The chain, with
three locations, has been around since 1909.
The national retailers Fuqua says Sembler is in talks with include
the existing Kmart, plus Publix, Barnes & Noble, Borders Books
& Music and a wholesale club. The project will have three restaurants
and up to five "big box"-type superstores.
Sembler Co. is the developer of such projects as Henry Town Center in
McDonough and Lenox Marketplace, the Peachtree Road development with
Galyan's, Target, Staples and Publix in Buckhead.
He did note that the new zoning requires parking to be hidden and
retailers to be on the street. Two main streets will bisect the property,
and the project will have lots of red brick and "big sweeping sidewalks."
Lindbergh Plaza construction is due to start at about the same time
Lindbergh City Center opens across Piedmont Road. Federal Realty
Investment Trust is planning 330,000 square feet of retail and
restaurants, including a grocery and movie theater, at Lindbergh City
Center, which is part of a massive mixed-use complex of about 2.7 million
square feet of offices, including BellSouth's new tower, plus apartments,
condos and a hotel.
Robin Mosle, a Federal Realty development vice president, said plans
are on track although no tenants are signed.
"Retailers are reticent," Mosle said, referring to Sept. 11 terrorist
attacks. "But everyone is encouraging about our project. Lindbergh Plaza
helps legitimize that neighborhood as an alternative retail location to
Buckhead."
BYLINE: RENEE
DEGROSS;
Staff
