Bisnow Scoop: Stafford Properties Files Plans for Next Mega-Project
Developers of Two Buckhead Plaza are moving on to their next mega-project. This time, in McDonough.
Stafford Properties has filed initial plans with regional planners for Henry Promenade, a nearly 900k SF regional power center off I-75 and the south side of Jonesboro Road in McDonough. According to filings with the Georgia Department of Community Affairs, Stafford looks to develop some 749k SF in retail space, build a 125k SF hotel and 18k SF of restaurants. Stafford CEO Steve Edwards calls the project a regional shopping center that will be anchored by a grocery store and a fashion retailer. Stafford officially started marketing the project at the regional International Council of Shopping Centers convention in Atlanta last month and has yet to sign a lease, he says.
Henry Promenade is a return to its roots for Stafford, which just sold its tony office project Two Buckhead Plaza to Parkway Properties for $80M. “We're primarily retail developers; it's in our DNA,” Steve says. “We view this as definitely going back to our roots.” Steve says Stafford sees a “void” in this area of Henry County for retail. “If you look at a map of Atlanta and where the malls are located…if you look at this section where we are in Henry County, there's a void.”
