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IN DEPTH: COMMERCIAL REAL ESTATE
From the January 5, 2001 print edition
Tower Place is transformed and fully leased
Terry Shropshire
Staff Writer
Rumor has it that, in a bygone era, hordes of teenagers surreptitiously smuggled illegal contraband -- popcorn, other foods and even beer -- into theaters to, shall we say, enhance their movie-going experience. Today, AMC Theaters at Tower Place in Buckhead has circumvented the bootlegging bandits by offering meals and adult beverages within the six movie halls.
AMC's modernization is a microcosm of the metamorphosis of Tower Place. And the transformation is far from complete, due to the aggressive strategy and vision of Regent Partners, which owns the project. Once dismissed as closed off from the streets and focused inward, Tower Place's multimillion-dollar facelift now makes it one of Buckhead's premiere pedestrian-friendly, mixed-used developments.
Location, location, location
"Business has been fabulous," said Lynn Doble, co-founder and CEO of Dobel Salon Spa, a Tower Place tenant of less than two months, facing Piedmont Road.
"It's because of the location and the road frontage and the reputation of Regent Partners," Doble said. "I don't think we could have been located in a better place. We have great access to Peachtree, to Georgia 400, to Lenox Mall and Roswell Road. Tower Place and Regent Partners have been fabulous to deal with."
When Tower Place was built in 1974, Buckhead had a more suburban ambiance, and the design of Tower Place coincided with that philosophy; it was closed off from the streets and not easily accessible. Regent Partners bought the 26-acre campus in 1993 and, like turning a shirt inside-out, rearranged the complex to access traffic and pedestrian flow.
Tower Place is in the heart of Buckhead, near Lenox Square and the financial district, and surrounded by malls, shopping centers and eateries -- most within walking distance. By night, Tower Place is brightly illuminated by a neon green blaze, which can easily been seen from planes readying for descent.
The complex is a 1.3 million-square-foot mixed-use project that encourages the "leave the car parked" ideology. The highlight of the complex is Tower Place 100, a majestic, glass-covered office tower that soars over the campus and gives it a feel of understated elegance. That 600,000-square-foot high rise is joined by Tower Place 200, a 260,00-square-foot office building, and the 60,000-square-foot American Intercontinental University. Two hotels usher you into the campus: The 231-room DoubleTree Hotel and the 181-room Courtyard By Marriott Hotel. The facilities are linked by TowerWalk, the 165,000-square-foot retail and entertainment complex with 10 restaurants and 13 retail facilities.
New construction
Tower Place's skyscrapers will soon make room for two new buildings. Regent will spend $200 million in additions to the 26-year-old campus. Tower Place 400, a 27-story, 585,000-square-foot office building will face Peachtree Road. Directly in front of that, Regent will erect the Regent at Tower Place, a 35-story luxury apartment tower. The 286-unit apartment building will add 1,000 residents to the complex and will offer such amenities as a swimming pool, club lounge and rent that begins at less than $2 a square foot. Both projects should be complete in the fourth quarter of 2002 or the first quarter of 2003.
Regent plans also to develop Tower Place 300, a 250,000-square-foot, class A office building that may begin construction before Tower Place 400 is complete.
"Buckhead is Atlanta's premier entertainment and retail destination, and we wanted our tenant mix to reflect that," said David Allman, president of Regent Partners. TowerWalk also serves as an amenity to the office tenants, as well as the increasing number of upscale residences within walking distance of Tower Place.
Regent Partners spared no expense on the redesign. A quaint brick walkway inside the complex and lampposts positioned at regular intervals give the campus a distinctive European flavor.
"The nice pedestrian walk adds to the circulation," said Denise Wright, executive director of Buckhead Area Transportation Management Association. "It's nice and wide, and it's separated from the automobiles so that you don't have to run across to beat traffic. It makes it real nice internally."
Tenants and developers said the multifaceted and multilayered Tower Place has been redesigned to take advantage of the main arteries going by its district as well as the multitudinous offerings of nearby food and entertainment.
"Well, there's a couple of things about this area," said Marty Marchman, president of Marchman McLain & Co. "There's the traffic on Piedmont, and there's the visibility. We wanted to be in a central Buckhead district. The whole area is the center lot of offices, with good vibes and shopping centers, stores and restaurants."
Plentiful parking
Tower Place also boasts an asset which is about as scarce in Buckhead as boarded-up buildings: abundant parking.
Long considered TowerWalks's Achilles heel, a large archway entrance sign alerts the public of free parking and valet parking.
"I love the fact that this place offers valet parking and has plenty of it," Doble said. "We've never had anyone complain about parking. Parking is an issue in Buckhead, but not here."
While tenants are happy to be in the prime location, some believe there is even greater potential to reap rewards in the not-too-distant future.
"There's still an awful lot of growth going on even though it's in the heart of Buckhead, so I feel we've positioned ourselves for the future," said Jerry Gabet, owner of the white-cloth restaurant, Copeland's of New Orleans. "We're still trying to get the message out that we're there. I have two other stores that are free-standing buildings, and it's just like having a billboard advertising. In a center like [Tower Place], the challenge is letting people know we're there and we're new. As soon as consumers knows this, we'll continue to grow."
The eventual goal is to make Tower Place Atlanta's preeminent palace of mixed-use. Regent Partners has designed the project so tenants rarely have to leave to accomplish diverse duties and chores.
The project includes the national fitness chain Crunch.
"This mix-used property is so diverse, it brings people from all walks of life right to our front door," said Mike Howell, Crunch general manager. "This gym is always happening. There is an increased energy level that is different from our clubs in the suburbs. We enjoy the benefits of Tower Place ... so many of its tenants so close by."
Reach Shropshire at tshropshire@bizjournals.com.
© 2001 American City Business Journals Inc.
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