Project: Deerfield Park
Location: North Fulton Atlanta Submarket
Development of the 558-acre Deerfield Park began in 1996 with a Hines team led by Bob Voyles. Located on the west side of GA-400 on Windward Parkway, the property was in an area that had previously been outside of the prime growth area in North Fulton. Bob and his team worked through extensive entitlement and zoning in North Fulton, after structuring a seven-year land takedown structure with the William B. Orkin family, and master planned the project using the nationally recognized firm of Roy Ashley & Associates. Over the next seven years, Deerfield was transformed from farmland into a full-scale mixed-use project. The project attracted corporate clients such as Alltel and Verizon Wireless to a richly amenitized and carefully controlled commercial community. The project today has over two million square feet of office, 1.5 million square feet of retail and 2,500 residential units of varying product types, including townhomes, condominiums and luxury apartments. The project helped set in motion the transformation of the west side of GA-400 at Windward Parkway from a rural setting to a thriving commercial enclave which now serves as the primary commercial tax base for the City of Milton.
- Negotiated below market, staged purchase option which minimized tax implications.
- Phased takedown, provided control to implement master plan as desired.
- Completed challenging entitlement process, maximizing land value.
- Executed lot sales plan at higher prices and higher velocity than pro forma.
- Achieved superior return of capital in a timeframe and with an above pro forma profit for investors – 31 percent IRR and a three-to-one equity multiple over seven years.
Fred Decosimo, Partner, Decosimo Corporate Finance:
“Bob and his team, through several investments on behalf of a private foundation and other clients of our firm, remained very focused throughout the life of the development; always trying to look at the project through the eyes of the investor and going the extra mile to make the project an economic success. Bob’s focus and attention to detail ensures that the investor risk is mitigated and the best project is the result.”