Vertical Mixed-Use Development Marks First Partnership for the
Atlanta-based Companies
ATLANTA--(BUSINESS WIRE)--
Cousins Properties (NYSE: CUZ) and Gables Residential have started
construction on the $250 millionEmory Point mixed-use development on
Clifton Road. The development will be the first new retail project built
in the trade area in 20 years; the largest private development to start
inside the Perimeter in more than three years; and the first partnership
between Cousins and Gables – two Atlanta-based development companies.
“We’re very excited about Emory Point and are glad to see a development
of this magnitude move forward,” said Larry Gellerstedt, Cousins
President and CEO. “This project represents an incredible infill
opportunity in a supply constrained submarket with high demand. We’re
fortunate to have an exceptional partner in Gables and are grateful for
our strong relationship with Emory University, which trusted us with
leading this opportunity.”
Located in the Clifton Corridor, adjacent to the Centers for Disease
Control and Prevention and in close proximity to Emory University and
Emory Healthcare, Emory Point is a vertically integrated mixed-use
development; Phase I will include more than 80,000 square feet of retail
space and 443 luxury apartments.
Under the DeKalb County zoning plan for Emory Point, 25 acres of densely
wooded land behind the development, approximately half of the site, will
be protected as undevelopable under Emory’s land classification plan.
Prior to the rezoning, those woodlands were not protected. The
development site is also registered for EarthCraft Communities
certification, while the apartment component is registered for
EarthCraft Multifamily certification. In addition, retail portions of
the development have been designed to meet EarthCraft standards.
“Emory Point sets the new standard for the Emory community because it
blends pedestrian-friendly retail with luxury apartment living, all
while being an environmentally conscious development,” said David Fitch,
Gables Residential President and CEO. “There is tremendous pent-up
housing demand in this neighborhood, making Emory Point a bright spot in
an otherwise challenging market.”
The $100+ million Phase I of the project began construction early this
month and is expected to be completed by fall 2012. The second and third
phases of the project will be developed according to market demand in an
area. Emory University, which includes Emory Healthcare, is the largest
employer in DeKalb County and the third largest employer in metro
Atlanta.
“The proximity of Emory Point to our campus will enhance the social and
intellectual vibrancy at Emory by providing housing, dining and retail
venues for faculty, staff and students,” said Mike Mandl, Executive Vice
President for Finance and Administration, Emory University. “This type
of mixed-use development was envisioned during the creation of the
Clifton Community Partnership five years ago, and it is gratifying to
see it coming to fruition.”
About Cousins Properties Incorporated
Cousins Properties Incorporated is a leading diversified real estate
company with extensive experience in development, acquisition,
financing, management and leasing. Based in Atlanta, the Company
actively invests in office and retail projects. Since its founding in
1958, Cousins has developed 20 million square feet of office space, 20
million square feet of retail space, more than 3,500 multi-family units
and more than 60 single-family neighborhoods. The Company is a fully
integrated equity real estate investment trust (REIT) and trades on the
New York Stock Exchange under the symbol CUZ. For more, please visit cousinsproperties.com.
About Gables Residential
With a mission of Taking Care of the Way People Live®, Gables
Residential has received national recognition for excellence in the
management, development, acquisition and construction of luxury
multi-family communities in high job growth markets. Gables Residential
owns, develops and manages multi-family communities and mixed-use
developments in Atlanta, Austin, Dallas, Houston, South Florida,
Southern California, and metropolitan Washington, D.C. Additionally, it
has third-party management operations in the Chicago, New York, Boston,
Phoenix, Central and North Florida, and Washington State markets. Gables
Residential enjoys a healthy portfolio with approximately 38,000
apartment homes under management, including a corporate-owned portfolio
of 62 stabilized communities comprising approximately 16,000 apartment
homes. An additional 7 communities are under development/lease-up,
comprising approximately 2,000 apartment homes. Gables also has the
ability to develop another 2,400 apartment homes through its shadow
pipeline of undeveloped land owned. For more information please visit gables.com.
About Emory University
Emory University is one of the nation’s leading private research
universities and a member of the Association of American Universities.
Known for its demanding academics, outstanding undergraduate college of
arts and sciences, highly ranked professional schools and
state-of-the-art research facilities, Emory is ranked as one of the
country's top 20 national universities by U.S. News & World Report. In
addition to its nine schools, the university encompasses The Carter
Center, Yerkes National Primate Research Center and Emory Healthcare,
the state's largest and most comprehensive health care system.
Certain matters discussed in this press release are forward-looking
statements within the meaning of the federal securities laws and are
subject to uncertainties and risk and actual results may differ
materially from projections. Readers should carefully review Cousins’
financial statements and notes thereto, as well as the risk factors
described in Part I, Item 1A of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2010 and other documents Cousins files
from time to time with the Securities and Exchange Commission. Such
forward-looking statements are based on current expectations and speak
as of the date of such statements. Cousins undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a
result of future events, new information or otherwise.
Source: Cousins Properties Incorporated
Contact:
Jackson Spalding
Media Contact:
Bryan Long,
404-724-2501
blong@jacksonspalding.com
or
Cousins
Properties Incorporated
Investor Contact:
Cameron
Golden, 404-407-1984
camerongolden@cousinsproperties.com