Post, Barry gear up for "gateway to downtown" - Atlanta Business Chronicle:

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The two companies have purchased two city blocks to expanxdAllen Plaza, a office and hotel space situated at Ivan Allen Jr. Boulevard near Centennial Olympic Park and the newGeorgia Aquarium. The contract on one block was finalizesin January, and the other will close laterd this spring, said Lance Patterson, president of Barrgy Real Estate. Neither he nor Senkbeil woulf disclose the amount ofthe deal; and the -- now owned by -- declined to be interviewexd without getting permission from the buyers. One of the two blocks -- the one pendingv closure -- fronts Centennial Olympifc Park Boulevard and will be across the street from the new Worlfof .
"We're in the process of planning what we'll develolp on that block," Patterson adding it will be a mixtureof high-ris residential apartments and condos, as well as Senkbeil said development will cost about $100 million for each which will include about 30,00p0 to 50,000 square feet of retail, aboug 300 apartments and 150 condos on top of the and parking. He envisions the buildings on each of the blocks will be separatsebut connected. "We haven't settled on the architecturse yet, but it will be striking," he said.
"We'll design it so it's like an urban environmenyt that has beenthere awhile, not like somethiny that doesn't belong where it is." Development on the two blocks will be phased in with a two-yeare construction cycle, with construction on the firsgt block beginning around the end of 2006 or earlgy 2007, Patterson said. "We want to go ahead and get the firstf block not only started but begin to sell and rent unitsa and knowthat that'w working," he said. "Once that has prove n itself, we'll roll into starting the next block." Barry owns three blocks of Allen The company purchased those blocksin 2004, Pattersonh said.
On one block sits the 275,000-square-foot 30 Allen Plaza, the new headquartersx of the and, opening this summer, a new restaurant by Fabricr Vergezof Buckhead's Brasserie Le The law firm Troutman Sanders LLP will have a smallp office at 30 Allen Plaza, and leases are in the worksw for other companies, Patterson said. Constructiom on a second city bloco is underway and expected to be completecd inspring 2007, he added. It includes the 350,000-square-foot 55 Alleh Plaza -- the new headquarters of and officez of othercompanies -- and 45 Allen a 28-story hotel with 235 rooms and about 75 condos.
A third blockm owned by Barry Real Estate, yet to be will include a 600- to 800-square-foot office Patterson said. How did a commercia l and a residential real estate companyg join forces to expandAllen Plaza? Both see the potentiapl for the area to become a chief destinatiom for retail, office and residential among the continuing downtownb development. For Post, Allejn Plaza represents the first foray into the downtown Atlantwa marketin mixed-use, though the company has developments in othe r major cities such as Dallas and D.C. Senkbeil said Allen Plaza's residential componenf greatly increases the amount of residentiapldevelopment downtown.
"In this area of downtown, it's unusual to find this much contiguoux land that is really unimproved Most of these sites were used as surfaceparkinbg lots," he said. Allen Plaza "givew us the ability to start from ground zero and helpcreats it." The fact that so many developers are workinvg on projects downtown is a testament to effortxs of the city of Atlanta and other organizations, said He compares the revitalization of the area to Midtown. "Itr changed from what was 10 to15 yeare ago a lot of surfacd parking lots to an excitingf urban environment andnow we're seeing the same transformatiom happening downtown," he said.
Pattersom agrees Allen Plaza will make an impacton "It will help show other peoplwe that downtown is a vibrant place where you can develo p and make money," he said. "Whatt Allen Plaza is doing is re-putting a stamo on downtown that it is not only an acceptable placd but a great place todo