Cousins Properties /quotes/zigman/223259/quotes/nls/cuz CUZ -0.28% and Gables Residential have started construction on the $250 million Emory Point mixed-use development on Clifton Road. The development will be the first new retail project built in the trade area in 20 years; the largest private development to start inside the Perimeter in more than three years; and the first partnership between Cousins and Gables — two Atlanta-based development companies.
“We’re very excited about Emory Point and are glad to see a development of this magnitude move forward,” said Larry Gellerstedt, Cousins President and CEO. “This project represents an incredible infill opportunity in a supply constrained submarket with high demand. We’re fortunate to have an exceptional partner in Gables and are grateful for our strong relationship with Emory University, which trusted us with leading this opportunity.”
Located in the Clifton Corridor, adjacent to the Centers for Disease Control and Prevention and in close proximity to Emory University and Emory Healthcare, Emory Point is a vertically integrated mixed-use development; Phase I will include more than 80,000 square feet of retail space and 443 luxury apartments.
Under the DeKalb County zoning plan for Emory Point, 25 acres of densely wooded land behind the development, approximately half of the site, will be protected as undevelopable under Emory’s land classification plan. Prior to the rezoning, those woodlands were not protected. The development site is also registered for EarthCraft Communities certification, while the apartment component is registered for EarthCraft Multifamily certification. In addition, retail portions of the development have been designed to meet EarthCraft standards.
“Emory Point sets the new standard for the Emory community because it blends pedestrian-friendly retail with luxury apartment living, all while being an environmentally conscious development,” said David Fitch, Gables Residential President and CEO. “There is tremendous pent-up housing demand in this neighborhood, making Emory Point a bright spot in an otherwise challenging market.”
The $100+ million Phase I of the project began construction early this month and is expected to be completed by fall 2012. The second and third phases of the project will be developed according to market demand in an area. Emory University, which includes Emory Healthcare, is the largest employer in DeKalb County and the third largest employer in metro Atlanta.
“The proximity of Emory Point to our campus will enhance the social and intellectual vibrancy at Emory by providing housing, dining and retail venues for faculty, staff and students,” said Mike Mandl, Executive Vice President for Finance and Administration, Emory University. “This type of mixed-use development was envisioned during the creation of the Clifton Community Partnership five years ago, and it is gratifying to see it coming to fruition.”
About Cousins Properties Incorporated
Cousins Properties Incorporated is a leading diversified real estate company with extensive experience in development, acquisition, financing, management and leasing. Based in Atlanta, the Company actively invests in office and retail projects. Since its founding in 1958, Cousins has developed 20 million square feet of office space, 20 million square feet of retail space, more than 3,500 multi-family units and more than 60 single-family neighborhoods. The Company is a fully integrated equity real estate investment trust (REIT) and trades on the New York Stock Exchange under the symbol CUZ. For more, please visit cousinsproperties.com.
About Gables Residential
With a mission of Taking Care of the Way People Live(R), Gables Residential has received national recognition for excellence in the management, development, acquisition and construction of luxury multi-family communities in high job growth markets. Gables Residential owns, develops and manages multi-family communities and mixed-use developments in Atlanta, Austin, Dallas, Houston, South Florida, Southern California, and metropolitan Washington, D.C. Additionally, it has third-party management operations in the Chicago, New York, Boston, Phoenix, Central and North Florida, and Washington State markets. Gables Residential enjoys a healthy portfolio with approximately 38,000 apartment homes under management, including a corporate-owned portfolio of 62 stabilized communities comprising approximately 16,000 apartment homes. An additional 7 communities are under development/lease-up, comprising approximately 2,000 apartment homes. Gables also has the ability to develop another 2,400 apartment homes through its shadow pipeline of undeveloped land owned. For more information please visit gables.com.
About Emory University
Emory University is one of the nation’s leading private research universities and a member of the Association of American Universities. Known for its demanding academics, outstanding undergraduate college of arts and sciences, highly ranked professional schools and state-of-the-art research facilities, Emory is ranked as one of the country’s top 20 national universities by U.S. News & World Report. In addition to its nine schools, the university encompasses The Carter Center, Yerkes National Primate Research Center and Emory Healthcare, the state’s largest and most comprehensive health care system.
Certain matters discussed in this press release are forward-looking statements within the meaning of the federal securities laws and are subject to uncertainties and risk and actual results may differ materially from projections. Readers should carefully review Cousins’ financial statements and notes thereto, as well as the risk factors described in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2010 and other documents Cousins files from time to time with the Securities and Exchange Commission. Such forward-looking statements are based on current expectations and speak as of the date of such statements. Cousins undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
SOURCE: Cousins Properties Incorporated
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