Smyrna approves retail center zoning
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The Smyrna City Council approved a rezoning request by Atlanta-based Columbia Properties on Monday for the property on the southwest corner of South Cobb Drive and the East West Connector, across the street from Highland Station, home of Publix.
The property was previously home to the Home Depot’s landscaping store. Columbia purchased the property in March of 2008 and have been doing site work on the property to raise the elevation some 12 feet in order to create a street-level retail site.
The project currently three buildings with approximately 32,000 square feet of retail space with three additional out-parcels available for development totaling more than 8 acres.
Much of the discussion regarding zoning was about prohibited uses versus conditional uses of the property and concern any project would have to the Jim N’ Nicks which is situated adjacent to the property.
Columbia Properties estimates that +/- 70,000 cars pass through the intersection on a daily basis. The viability of the project is also based on the residential growth in the area. In the last 5 years, the city of Smyrna has issued building permits for over $450 million in the area. Some recent developments in the area include One Ivy Walk, West Village, Estates at Ellis Wade, The Registry at Park Avenue and The Grove at Cooper’s Pointe.
Now that zoning has been approved, Columbia Properties can focus on lining up financing for the project in what is clearly a difficult lending environment for retail projects.
Technorati Tags: Columbia Properties, Smyrna Real Estate, Publix, Jim N’ Nicks
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