In 1997, a Hines development team led by Bob Voyles and Randy Holmes assumed management of the struggling 83-acre Perimeter Summit project, owned by General Electric Asset Management (GEAM). Although the property had not seen any development in five years, the
Hines/GEAM partnership transformed the struggling project into a mixed-use new urbanist development and one of the favored addresses in the Perimeter market. Holmes and Voyles developed two 400,000 s.f. headquarters office buildings for HomeBanc and Northern Trust, which each set Atlanta market records for price per s.f. for buildings along the Perimeter upon sale of the developer’s equity interest in 2003 and 2006. The Atlanta Regional Business Coalition and Atlanta Regional Commission awarded the project the “Development of Excellence” for 2001, while the Atlanta Business Chronicle named it the “2001 Mixed Use Deal of the Year.”
- 83-Acre Suburban Core Office Park struggled for 6 years due to the market conditions and “land sales” vs. comprehensive development strategy.
- Repositioned Development, removed restrictive encumbrances with private landowners, maximized value of the land through rezoning a portion of the office to residential and achieved a 30% higher sales price than office equivalent.
- Developed Two 400,000 s.f. Class A office buildings (3003 and 2002 Summit) that remain “best in class” in Perimeter submarket
- Introduced First 21st Century mixed-use park in the Perimeter area.