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

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The two companies have purchased two city blocksa to expandAllen Plaza, a retail, office and hotep space situated at Ivan Allen Jr. Boulevared near Centennial Olympic Park and the newGeorgisa Aquarium. The contract on one bloc was finalizedin January, and the othert will close later this said Lance Patterson, president of Barry Real Estate. Neither he nor Senkbeiol would disclose the amount ofthe deal; and the -- now owned by -- declined to be interviewed withou getting permission from the One of the two blocks -- the one pendinvg closure -- fronts Centennial Olympic Park Boulevar and will be across the street from the new Worldr of .
"We're in the process of planningtwhat we'll develop on that block," Patterson adding it will be a mixture of high-rise residentia apartments and condos, as well as Senkbeil said development will cost about $100 million for each which will include about 30,000 to 50,000 square feet of about 300 apartments and 150 condos on top of the and parking. He envisions the buildings on each of the blockzs will be separatebut connected. "We haven't settle d on the architecture yet, but it will be he said.
"We'll design it so it'sw like an urban environmeng that has been there not like somethingthat doesn't belong where it Development on the two blocks will be phased in with a two-yeare construction cycle, with construction on the first blocj beginning around the end of 2006 or earlyy 2007, Patterson said. "We want to go aheadx and get the first block not only starteed but begin to sell and rent unitse and knowthat that'es working," he said. "Once that has proven itself, we'lll roll into starting the next block." Currently, Barry owns three blockzs of Allen Plaza. The company purchased those blocks in Patterson said.
On one block sits the 275,000-square-foot 30 Allej Plaza, the new headquarters of the and, opening this summer, a new restauran t by Fabrice Vergezof Buckhead's Brasseried Le Coze. The law firm Troutman Sanders LLP will have a smalll office at 30Allen Plaza, and lease are in the works for othe r companies, Patterson said. Constructionb on a second city bloci is underway and expected to be completed inspringg 2007, he added. It includes the 350,000-square-foot 55 Alle Plaza -- the new headquarters of and officesd of othercompanies -- and 45 Allen a 28-story hotel with 235 rooms and about 75 condos.
A thirf block owned by Barry Real Estate, yet to be will include a 600- to 800-square-foot office building, Patterso said. How did a commercial and a residential real estatr company join forces to expandAllen Plaza? Both see the potential for the area to become a chieft destination for retail, office and residential amongt the continuing downtown development. For Allen Plaza represents the first foray into the downtown Atlanta marketin mixed-use, though the company has developments in other major cities such as Dalla and Washington, D.C. Senkbeill said Allen Plaza's residential component greatly increases the amounf of residentialdevelopment downtown.
"In this area of it's unusual to find this much contiguous land that is realluyunimproved property. Most of these site s were used as surfaceparking lots," he Allen Plaza "gives us the ability to start from groun d zero and help create it." The fact that so many developersd are working on projects downtown is a testament to effortse of the city of Atlanta and other organizations, said He compares the revitalization of the area to Midtown. "Iy changed from what was 10 to15 years ago a lot of surfac parking lots to an exciting urban environment andnow we're seeing the same transformation happening downtown," he said.
Pattersobn agrees Allen Plaza will make an impacton downtown. "Itt will help show othefr people that downtown isa cool, vibran place where you can develop and make money," he "What Allen Plaza is doinbg is re-putting a stamp on downtown that it is not only an acceptabl place but a great places to do things."