The intersection of Peachtree and Piedmont roads in Buckhead is one of the busiest in the city, with the two arteries providing a constant flow of cars — and eyeballs — past the currently vacant lots in front of Disco Kroger.
While plans had been in the works for more than a year to bring a mixed-use project to the site, it wasn’t until February that it seemed construction would soon begin on the highly visible development. Now, plans have changed again — drastically.
The announcement of the project triggered both excitement and neighborhood angst about adding traffic to an already congested area, but nothing materialized in the ensuing months.
When first announced by Coro Realty, the project was intended to include 35,000 square feet of new retail, 190 apartments, and a 186-room Hampton Inn. Now, those ambitions have been scaled back to include only the hotel, according to BuckheadView. When asked, the developer did not provide a reason for the change in plans.
In such a prime location, it would stand to reason that new investment would likely be a bellwether for development in not only the neighborhood, but the city as a whole. Or maybe it's a Buckhead thing. While the submarket is still booming from a development perspective, Coro Realty's project wouldn't be the first Buckhead project scaled back or outright cancelled in recent memory.
The move comes amid growing uncertainty about the longevity of this development cycle. Could it signal that the end is nigh, or is it a case of cautious growth ensuring that things keep chugging along?
- Coro Realty scaling down Piedmont Rd. development plans to hotel only for now [BuckheadView]
- Gasp!?! A Developer Just Canceled an Apartment Project [Curbed Atlanta]