Published on July 21st, 2016 |1
Coro Realty scaling down Piedmont Rd. development plans to hotel only for now
Coro’s founder and President John Lundeen told BuckheadView earlier this month that the hotel is the only part of the project that is moving forward at this time. He did not discuss the reason the company is scaling back on the plans first announced by BuckheadView last August.
The new multi-use development was planned as an addition to Buckhead Place, a 150,000-square-foot shopping center that includes LA Fitness, Marshalls, apartment building 05 Buckhead and a Hyatt Place hotel. Coro manages the center for an international charitable foundation.
Two retail components of the proposed new development were to front on the west side of Piedmont Road north of Peachtree Road and the hotel and apartment lobbies were to front on a private access road that runs from Piedmont Road to Maple Drive.
The 186-room hotel was to be located on the south side of the access road along with approximately 5,500 square feet of ground-level retail/restaurant space. It was announced last year that Coro was partnering with McKibbon Hotel Group on the new hotel.
There was no indication from Lundeen as to whether or not the retail/restaurant space previously planned for the south side of the development with the hotel is still part of the plans.
The north part of the original development plans—which apparently now is on hold—was to consist of approximately 33,000 sqare feet of retail/restaurant/office space on two levels fronting along Piedmont Road and then wrapping down the private drive to an internal courtyard.
Also on the north side of the drive in the original plan were 190 apartment units with a 7-story deck plus underground parking. The amenity deck is the top level of the parking. The plan was to operate this as Phase II of the apartments from 05 Buckhead. (To read the earlier BuckheadView story on this Coro development plan, click here.)
Cooper Carry was the principal architectural firm for the development with Lindsay Pope Brayfield Clifford & Associates being the architects for the hotel part of the development.
Patti Pearlberg, Coro’s vice president of asset management, told BuckheadView in August, “Our goal is to start construction by first quarter 2016; sooner if we can.” That certainly did not happen and no construction start date was stated for the construction of only the hotel element.
BuckheadView asked Lundeen if he had heard whether or not the proposed redevelopment of the Disco Kroger shopping center might also be put on hold for the time being. Lundeen said he could not speak for the owners of that property, but indicated he would be surprised if that redevelopment was to move forward at this time.
One thing that has delayed Coro’s timetable for its development has been present discussions regarding the widening of Piedmont Road between Peachtree and Lenox Roads. The Buckhead Community Improvement District, city and Georgia Department of Transportation are in discussions about adding a dedicated left-turn lane to that segment of Piedmont Road to improve traffic throughput, especially during rush hours.
Lundeen, who is vice chairman of the BCID, told BuckheadView after the CID’s Aug. 25 meeting last year, that the road project could affect the development if property has to be taken on the west side of Piedmont to facilitate the widening project.
Coro’s Buckhead Place development is affected by road projects along both Piedmont Road and by Phase 3 of the Peachtree Road Transformation Project, which is presently in negotiations over right-of-way acquisition.
BuckheadView initially began the discussion this month with Lundeen by asking what Coro’s plans were for the space Sports Authority is vacating in the shopping center across Peachtree Road from Buckhead Place and 05 Buckhead, which also includes a CVS Pharmacy and PetSmart store.
BuckheadView asked it was possible Coro would redevelop that property now that the Sports Authority store was closing as part of that company’s bankruptcy.
Coro said redevelopment of the property is not in the cards. He said the property owners—the same international charitable foundation which owns the Buckhead Place property—is not interested in redeveloping the property.
Lundeen said Coro is looking for a new tenant or tenants for the Sports Authority space and indicated it likely would require more than one tenant due to the large size of the space.