A development partnership has plans for a $65 million, seven-story, 161,000 square foot medical office and retail project in Atlanta’s Buckhead area. It has yet to announce an anchor medical tenant. Rendering courtesy of Cornerstone Development Partners
Cornerstone, Stein propose $65 million medical complex near Piedmont Hospital
By Murray W. Wolf
A purported lack of Class A medical office space near Atlanta’s Piedmont Hospital has prompted a pair of hometown commercial real estate firms to propose a $65 million, seven-story, 161,000 square foot medical office and retail project for a site near the south end of the campus.
Cornerstone Development Partners and Stein Investment Group, both of Atlanta, say they have formed a joint venture (JV) for the project, called Cornerstone Medical Center. The project would be a redevelopment of four parcels totaling 3.5 acres at 1895 Peachtree Rd. N.E. in Atlanta’s Buckhead district. The Atlanta Zoning Commission last month approved the final site plans and zoning conditions for the site, which is east of the intersection of Peachtree and Collier Road Northwest.
Cornerstone Medical Center would include 16,000 square feet of street-level retail and restaurant space, topped by 145,000 square feet of medical office space with 22,300 square foot floor plates. Also included would be four levels of below-grade parking with a secure “doctors-only” area with direct, private elevator access to the medical suites.
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