Carter and Selig Get In On Sandy Springs Action

Carter and Selig Enterprises partnered to purchase land in Sandy Springs, GA to build City Springs.

ATLANTA— Carter and Selig Enterprises partnered to purchase land in Sandy Springs, GA. The commercial real estate companies snapped up land at a master planned development there known as City Springs and plan to launch construction of retail and residential properties this summer. A private-public partnership between Carter, Selig and the City of Sandy Springs are developing the community. When finished, it will be home to city government offices , a performing arts center, studio theater, meeting space, greenspace, and underground community parking, as well as the retail and residential components. “This is a transformative project for Sandy Springs,” says Carter executive vice president Jerome Hagley . “The rare opportunity to build a downtown area from ‘scratch’ to serve as the new heartbeat of the community is truly exciting.” The residential portion of the project will include 275 flats and 19 townhomes. Bordered by businesses along Johnson Ferry Road, Roswell Road, Sandy Springs Circle and Mount Vernon Highway, the retail portion will include over 30,000 square feet of street-level space. Doors should open on the residential and retail components by the winter of 2017. Sandy Springs is the second-largest city in Greater Atlanta, and one of the fastest growing in the United States. Sandy Springs is home to 3,700 businesses, including a number of Fortune 500 companies. Several companies have recently established headquarters in the city because of it’s broad tax base and location. Carter and Selig aren’t the only ones getting in on the Sandy Springs action. Pollack Shores Real Estate Group is betting big there. The firm recently acquired a parcel of land at 5901 Peachtree-Dunwoody Road next to the Palisades office park at a time when office rates are hitting an all-time high . Pollack is planning to expand the current property’s uses without sacrificing the existing office development. All told, the expansion will bring 425 luxury multifamily units and 10,000 square feet of retail and restaurant space to serve the neighboring commercial office park and surrounding community. “As the city of Atlanta and its surrounding suburbs continue to grow, fewer undeveloped parcels of land are available,” Michael Blair, managing director of Pollack, tells GlobeSt.com. “We were really drawn to Palisades’ proximity to MARTA and its location near numerous job centers in the Perimeter market. We feel the property is a perfect candidate to redevelop into a more usable and walkable destination that better serves the existing office tenants, neighboring properties and future residents.”