For more than two decades, the formula for a suburban Atlanta office park seemed to work: develop mid-rise buildings along Georgia 400, with a short drive to the mall, the CEO’s house, and a golf course.
Now, projects such as Avalon in Alpharetta, have proven a new model, with upscale apartments, and the right mix of stores and restaurants next to the office buildings, can achieve rents as high as some urban markets.
Greenstone Properties, which is pitching a project at Georgia 400 and Old Milton Parkway, has taken notice.
For example, it wants to reduce the amount of office space currently entitled for its project Parkway 400, from 630,000 square feet to 450,000 square feet. The office space would connect to retail and restaurants.
Other changes include the addition of 325 apartments and a central pedestrian plaza where people can catch a concert after work.
“In today’s market, successful office developments require a mixed-use environment with walkable amenities,” according to an application for the Parkway 400 project. “Avalon is a perfect example of the success of mixing residential, office and retail.”
Parkway 400 would cover almost 17 acres across from Avalon at Old Milton, Ga. 400, Amber Park Drive and Northwinds Parkway.
To develop the project, Greenstone Properties is seeking an amendment to Alpharetta’s comprehensive land use plan, several variances and a conditional use permit to build apartments.
Greenstone is set to go before Alpharetta planners March 1.