The team, which has spent the last 15 months creating the strategic reuse plan, consists of locally based Cousins Properties Inc., Newport Beach, CA-based LNR Property Corp.'s Commercial Property Group and Oklahoma City-based the Benham Cos. LNR Property Corp. Commercial Property Group president-Mid-Atlantic region David Welch tells GlobeSt.com that he anticipates the entitlement process to take about 18 months to complete.
The military base is being redeveloped after the defense department recommended its closing in 2005. Under the recommendation, the US Army must transfer 1,190 acres of the base to developers by Sept. 15, 2011, but certain parts of the base may be turned over earlier.
Under redevelopment plans, the site is expected to include 717 single- and multifamily units, 435,000 sf of retail space, more than one million sf of office space, more than 8.2 million sf of light manufacturing and warehouse space and more than 200 acres of green space. The team will redevelop approximately 1,200 acres and the US Army will keep the remaining 200-plus acres. The redevelopment is expected to take 10 to 15 years to complete.
Due to the property's close proximity to Hartsfield-Jackson International Airport, developers anticipate building an industrial/business park, according to the strategic reuse plan for the site. The plan also states that the majority of for-sale residential units will be moderately-priced single-family detached homes. Retail opportunities will be limited to neighborhood-scale centers catering to the property's residents and those in the immediate vicinity. The office space will likely be limited to town center, internally-supported service office uses, the plan states.
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