The Crossings at Four Corners Update

Thanks to Ben for the recent inquiry regarding The Crossings at Four Corners. There certainly have been more vacancies recently. You typically a property appear to deteriorate further before being redeveloped. As covered in the January update, The Crossings at Four Corners was purchased by Tri-Land Properties out of Chicago along with several outparcels in front of the shopping center in December of 2006.

The company has been working on several options and no final plans have been completed as of yet, but they are getting close. According to the company, they will working on lining up new tenants and should expect to have a finalized plan within the next 6-9 months and then start the redevelopment. This project will most likely mean a complete raze of the current structures due to functional obsolescence and a brand new concept replacing the current shopping center.

Above is a illustration of a possible plan for the Smyrna redevelopment project. Additionally, you can check out a proposed site plan for the project below (click on the site plan to enlarge).

Needless to say, Smyrna residents are eager to see the redevelopment of this parcel of land due to its high-profile and high impact on the future of this area of the city. Hopefully, the redevelopment of one corner will lead to redevelopment of the other corners as well. I will certainly keep everyone updated as I learn more about this property.

And keep the questions coming. It’s always great to hear what you want to find out about our community. Just click the button below to email us your questions.

Technorati Tags: The Crossings at Four Corners, Smyrna Real Estate, Smyrna Redevelopment, Smyrna Georgia

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In case you missed it in the Smyrna Neighbor yesterday, the Smyrna City Council unanimously approved a development agreement with Halpern Enterprise which will allow for the redevelopment of Belmont Hills at the corner of Atlanta Road and Windy Hill Road in Smyrna to commence. Below is an aerial photo of the current shopping center.

Rather than waiting to see how the Tax Allocation District (TAD) and Tax Incremental Financing (TIF) issues will be resolved as part of a special referendum in November, the City Council has decided to get creative. In January, the Smyrna City Council approved a $23.5 million tax allocation district subsidy for the redevelopment project.

The project was awaiting county and school board approval, but in February the Georgia Supreme Court ruled that the portion of property taxes apportioned to schools could not be used to fund redevelopment projects under the current law. With that ruling, approximately half of potential TAD funding for projects was eliminated. This ruling impacts not only Belmont Hills, but also the upcoming Jonquil Village.

Under the new agreement with Halpern Enterprise, the company will self-fund the TAD eligible expenses (infrastructure improvements) and be reimbursed from tax revenue generated by county and city property taxes as a result of the project. It will be up to Halpern Enterprise to acquire the up-front funding to move forward with the project. With this new agreement, the City of Smyrna will not be issuing bonds and Halpern Enterprise bears all the risk. Click here, if you’d like to read the original Smyrna Neighbor article.

The new development, to be called Belmont, currently calls for

• 93,500 square feet in commercial office and retail space
• 344 condos
• 286 townhomes
• 174 luxury rentals
• 8 single family homes

Belmont will be a dynamic, mixed-use development. The 47.5 acre development will feature a pedestrian
friendly atmosphere with wide sidewalks and bike paths. Additionally, it will offer a variety of architectural styles, patios, roundabout intersections and extensive landscaping.

Technorati Tags: Belmont Hills, Jonquil Village, TAD Financing, City of Smyrna, Smyrna Real Estate

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The Taste of West Village will be held this Saturday from 11-7pm. Don’t miss out on all of the fun.

• Kids Activities from 11-1pm include Face Painters, Sand Art and Caricatures
• Live Remote with Q100 from 1-3pm
• Food Tasting from 3-7pm - sample dishes from West Village’s fabulous restaurants
• Entertainment from 5-7pm - Dance to live music from the Aaron Thompson Band

Also, get a taste of the stylish boutiques while at West Village. Be one of the first 50 shoppers and receive a free gift from West Village and be entered to win a $550 shopping spree (see stores for details).

Technorati Tags: Taste of West Village, Smyrna Vinings Events, West Village

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We have recently covered some big projects such as West Village, One Ivy Walk, Jonquil Village and Belmont Hills as they often garner a lot of attention. But as the City of Smyrna plans the future of Concord Road, two new smaller developments have sprung up.

Laurel Commons is situated on the northeast corner of Concord Road  and Dunton Avenue / King Springs Road and adjacent to the Laurel Hill townhomes. Laurel Commons is in a prime traffic location and is also helping to flow with the future Concord Road improvements. The 10,000 square feet office/retail development currently has some office space under lease on the second floor, but are looking for tenants for the 5,000 square feet of retail space on the street level, in particular hoping for a small diner or coffee shop to be situated on the end unit.

Across Dunton Avenue, is the Shoppes at Smyrna Heights, which is expected to be completed in August/September timeframe.

The Shoppes at Smyrna Heights is a 12,000 square foot retail center, which will hold seven different businesses. The plans currently call for restaurants at both ends of the retail center, with one restaurant to be opened by celebrity chef Marvin Woods and the other restaurant expected to include live entertainment. The retail center will also include a boutique wine, cheese and chocolate shop.

Technorati Tags: Shoppes at Smyrna Heights, Laurel Commons, Smyrna Vinings Development, Smyrna Real Estate

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Thanks to Andria for the following question:

“My question is in regards to the property at the corner of Concord and S.Cobb where Bones, Freds, and the Wachovia Drive though is located.

I have noticed recently that one of the Wachovia ATMS is gone, the 24hr fitness has closed and several other stores have closed.

Needless to say, I think this shopping center is an eye sore, but I wanted to know if you have heard any rumblings as to if anything is going in its place or its future.”

The answer is that there is still no answer yet, at least nothing definitive, but thankfully the new owners are evaluating the options with the property. Tri-Land Properties out of Chicago purchased the property along with several outparcels in front of the shopping center in December of 2006.

There have been many rumors floating around about possible redevelopment and the company representatives have met with the city of Smyrna on a couple concept plans. I do know that some concept plans included a national chain grocery store of about 110,000 square feet with a similar size secondary anchor tenant (specializing in home improvement retail) on another site plan. The City has also asked the developer to explore the possibility of a mixed-use or residential component on the site as well.

I did speak with a company representative of Tri-Land Properties today and they are very tight-lipped on the project at this current time. They are working on different scenarios, but do not want to commit to a specific date at which a decision will be made on any possible redevelopment.

I think everyone here in Smyrna will agree that the redevelopment of this parcel of land is greatly anticipated and will excite everyone tired of these blighted propertes at the Four Corners. Hopefully, the redevelopment of one corner will lead to redevelopment of the other corners as well.  I will certainly keep everyone updated as I learn more about this property.

Move over Jonquil Plaza, here comes Jonquil Village. Above is a photo taken this week and Jonquil Plaza has been demolished and the debris is being removed. It suddenly looks like a gian parking lot and the images of the worn Jonquil Plaza are fading.

The $181 million, 14-acre Jonquil Village project has an approved $26.2 million tax allocation district subsidy. This subsidy has been the cause for much heartache over the last few months as the Cobb County School Board sued the City of Smyrna over the project.

In June, six of the seven Cobb school board members filed a lawsuit in Cobb Superior Court against Bacon, the Smyrna City Council and Smyrna City Clerk Susan Hiott for allegedly violating the Georgia Open Records Act.

The suit was brought after the city allegedly failed to provide the school board with financial documents it requested concerning the $26.2 million Jonquil Village TAD subsidy and how city officials calculated its $181 million value for the project. A TAD is an incentive for developers to build in economically distressed areas to increase property values, which results in more tax revenue and requires cooperation between the city, county and school district to quickly repay project bonds.

Both sides are currently in talks to resolve the lawsuit.

In the meantime the Jonquil Village project moves on. The mixed-use project includes retail space, a Publix grocery store, office space, an underground parking deck and more than 300 condominiums. A. G. Armstrong Development is the developer for the project.

Once demolition is complete, construction should be on an 18- to 24-month schedule. But don’t expect to see much being built up for awhile. The first structure to be built will be the 1,000 space underground parking deck. Everything else will be built on top of this structure.

TWC Members ONLY Wine Tasting

On to Northern Italy

Tuesday, August 21, 2007

6:30pm - 8:00pm

Northern Italy’s diverse wine regions fan out below the Swiss and Austrian Alps from Southeastern France to Slovenia. The star of winemaking here is Piedmont (in Italian it’s p’yay-mon-teh meaning “foot of the mountain”) where Barolo and Barbaresco DOCG red wines are made. And, to a lesser extent Veneto known for its Soave, Valpolicella, and Bardolino.

Join us as we learn more about the wines of this vast region.

Feel free to bring up to 2 additional guests. RSVP to rrowe@winecellarsonline.com, or contact us at (770) 437-1753.

Sorry, this is a TWC members ONLY wine tasting.
Click here to join now, or for more details!

Complimentary Wine Tasting

Saturday, August 4, 2007

3:00pm - 6:00pm

Join us for a terrific tasting this Saturday, prior to Smyrna’s Birthday Bash that begins at 6:00pm. Stop by and sample something delightful to take back as you enjoy the FREE concert right behind us!

It’s time to celebrate! The City of Smyrna is celebrating its 135th birthday with festivities from 6:00 p.m. – to 10:00 p.m. on the Village Green. The Mustangs take to the stage at 6:00 p.m. with Banks and Shane closing out the musical performances from 8:00 p.m. until 10:00 p.m. with fireworks at dark.

Fireworks, birthday festivities, and kids’ entertainment area add to the fun of this exciting birthday event.

FREE of Charge!

No RSVP necessary. Valid photo ID is required by EVERYONE!

Atlanta Business Chronicle - 3:10 PM EDT Wednesday, July 18, 2007

Georgia’s annual sales tax holiday will be from Aug. 2 to midnight Aug. 5, according to the Georgia Department of Revenue.

During the tax-free period, Georgia consumers can buy certain clothing items, schools supplies, computers and computer accessories without paying state and local sales.

Clothing and footwear up to $100 per item are exempt, but there is no limit on how many pairs of shoes and clothing items an individual can buy. If the price of an article of clothing or pair of shoes exceeds $100, then the item will be taxed at its full retail price.

Clothing accessories, jewelry, handbags, umbrellas, eyewear, watches, watchbands and similar items are not exempt from sales tax during the tax-free period.

School supplies bought for classroom use or classroom related activities are exempt if they cost $20 or less per item. Included are pens, pencils, notebooks, paper, book bags, calculators, dictionaries, thesauruses, children’s books and books listed on approved school reading lists for pre-kindergarten through 12th grade. Sales tax will be due on the purchase of any single school supply item that exceeds $20.

Purchases of personal computers and accessories are exempt up to $1,500 per transaction. These items include monitors, personal computer base units, keyboards, handheld computers, monitors, printers, modems, non-recreational software and other peripheral devices.

Personal digital assistants are exempt unless they allow voice communication. Other items that are not exempt include regular cell phones, digital cameras, furniture and any systems, devices, software or peripherals designed or intended primarily for recreational use.

Click here to go to original article.