Published on July 28th, 2016 |0
Cornerstone to get $37-plus million city help for S. Buckhead medical building
Cornerstone is getting tax-exempt bonds from the city to help finance the construction of its 160,000-square-foot project at 1895 Peachtree Road that will include bottom-floor retail, medical office space and assisted living. Chick-fil-A is to be included in its retail lineup.
The bonds specifically cover the assisted living units, and Cornerstone has vowed to offer 24 of the 118 units at 50 percent of the average income of residents around the project.
As BuckheadView reported in mid-April, Cornerstone Development Partners had taken the final steps toward beginning development of the long-planned medical office building, with the filing for permits to raze a string of retail stores including Chick-fil-A, Peachtree Cleaners and the Peachtree Package Store along Peachtree Road.
For Cornerstone, the firm founded by the late Atlanta developer Bob Kern, it was the long-anticipated major step forward on the medical office building and senior living project across Peachtree Road from Piedmont Hospital.
The more than three-acre parcel (which includes 1875, 1891, 1895 and 1901 Peachtree Road) has long been targeted by Cornerstone for the project. Aside from the retailers mentioned, Cornerstone will finally raze the former Harry’s in a Hurry retail location that has been vacant for more than a decade and has been one of the South Buckhead eyesores.
Cornerstone’s Wesley DeFoor said the seven-story project will be layered with ground-floor retail—including both the Chick-fil-A and the Peachtree Cleaners—two levels of medical office space and the rest all senior housing units.