The development would not affect the hotel, and he said they would try to work with the city to have the same road entrances and exits to the hotel and the office tower. In addition to approximately 372,000 square feet of office space for lease, the ground floor of the tower would be reserved for retail businesses, likely a restaurant or two.
“Mixed use is kind of a strong word,” Houston said. “We certainly believe in food and drink at the foot of our office buildings, so that’s really what it’s all about. It’s more of a convenience. »
Construction of the building would create 450 jobs and support approximately 1,250 office workers when completed. The entire development, which could begin construction in June 2023 and end in April 2025, is estimated at $187 million.
Although he did not formally request a tax abatement at the development authority meeting last week, he said a request would be imminent. Twelve24, the 16-story office tower that is now the headquarters of Global overviewreceived $9.4 million in tax incentives.
“We’re looking for the same thing here,” Houston said. “It’s really a property tax reduction for tenants. As these properties are subject to a net lease, the operating expenses are paid by the tenants. So what this property tax abatement does if we are able to get it, it just lowers the total cost of ownership for the tenant. »
Trammell Crow filed a application for a special land use permit for the city as it enters into discussions with the development authority and the hotel owner. Houston estimated that the SLUP process will take about four months. Although plans are only preliminary at this point, Houston said he is excited about the project’s prospects.
“We have gained experience in the market (Dunwoody). We got some preliminary interest from tenants,” he said. “I think the future of this location and what the town of Dunwoody and the central perimeter has to offer will continue to attract Class A corporate type headquarters.”