AmREIT Eyes Multifamily Redevelopment
A popular Buckhead strip center could become the site for a multifamily project. Maybe. The developer's just not sure yet. (Give them some time, think about how hard it is for you to choose your sandwich at Subway and multiply that a million times.)
In an SEC filing by AmREIT, the Houston-based company highlights plans for Brookwood Village, a nearly 30k SF retail strip center off Peachtree Road in Buckhead that is home to CVS Pharmacy, FedEx/Kinko's, and the popular Black Bear Tavern. In the investor presentation, AmREIT proposes to build multifamily atop the retail center (rendering here) in what it describes as an “irreplaceable corner." (We weren't great at geometry but if you replace a corner, don't you end up with a triangle?)
We spoke with AmREIT's Charles Scoville, who says the plan is more just a concept proposal than anything definitive at this time. “We're kind of looking at long-term redevelopment projects for that site,” Charles says. “It may not even be multifamily product.” AmREIT picked up the strip center in 2011, and has since been earning steady rental income there given it's 96% occupied. “Those [properties] in urban sites with single-story retail, we're always trying to figure out how to enhance that value. But we're not there yet on that site.”
