Sembler principal Jeff Fuqua couldn't be reached at GlobeSt.com's publication deadline. But Atlanta area brokers tell GlobeSt.com Sembler plans to build the retail center without the residential component if its rezoning application is denied.
The Florida developer plans to buy the Moreland Avenue site from Atlanta Gas Light Co. later this year for a price that will be disclosed after the deal closes, area brokers familiar with the venture tell GlobeSt.com. Atlanta Gas is consolidating its operations at a Midtown office building.
Independent area planners, not associated with the project, tell GlobeSt.com Sembler was attracted to the Little Five Points site by its demographics--estimated gross household income of $50,000 per year in a three-mile radius of the proposed undertaking.
The Little Five Points District evolved in the early 1940s between the Intown neighborhoods of Inman Park and Candler Park. The area became the first commercial district outside of the Downtown Five Points hub. Little Five Points, a study in Victorian architecture, boasts 100 retailers with its own professional association.
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