LOCUST GROVE, GA-A partnership of Atlanta-based Minerva Properties and Cornerstone Associates Inc. is developing an 18-building, 86,238-sf retail and office development on 10 acres as part of the master planned community Heron Bay Golf & Country Club. The development, at the intersection of Heron Bay Boulevard and Georgia Highway 155, will be called Town Center at Heron Bay and will include 23,602 sf of retail with drive-thru outlets for a coffee shop, pharmacy and a laundry/dry cleaners. There will also be three designated restaurants spaces of 1,200, 2,442 and 3,247 sf. The remaining retail space will be reserved for retail-oriented offices and other associated businesses.

An office component comprised of 51,444 sf will also be available, which can be subdivided into individual offices ranging in size from 950 to 5,150 sf. An expansion area of approximately 10,500 sf is planned for a freestanding restaurant, bank or retail space. The retail space will be available for lease and the office space will be available for sale. One of the buildings, an 11,162-sf asset, has already been sold to Spalding Regional Medical Center Urgent Care Center. Target tenants, according to Minerva Properties LLP managing partner Brian Davison, include day spas, a cleaner, real estate related businesses, doctors offices, professional services, food establishments and financial services.

Alpharetta-based Domain Realty Inc. associate broker Tom Posey tells GlobeSt.com that the office space will be sold for $170 to $190 per sf. The retail lease rates will hover around $25 per sf.

Groundbreaking will occur within the next few weeks, with a projected two- to three-year build-out. "There is a shortage of office space in the area," Posey says. "We think this is a unique opportunity for the area."