Norcross Development

Bluesky Management Corp through one of its affiliates Purchased 20 acres of Vacant office and a bank branch fronting  on Jimmy Carter Blvd, Norcross GA in 2007.

 The plan was  to acquire this 20 acres, and the rear 60 acres, and develop a power center with Walmart and Home Depot, however this was stopped due to the Great Recession, and Fed Ex ground ended up buying the back 60 acres. Plan B was then put into place and we stabilized the 200,000 sf of vacant incubator low rise office to about 70% occupancy from 10% occupancy over 5 yrs during difficult economic times. Part of that effort meant demolishing 100,000 sf of the office to make way for retail.

 Once the office was stabilized and the parcelized we sold to: Racetrac Petroleum, Pet Suites, Zaxbys, and Capt Ds. We also sold off the office.  60,000 sf was sold to an investor and 40,000 sf was sold to one of the larger tenants.

 During this time jimmy Carter was widened, a signal was added, new water main was added along Jimmy Carter, Sewer and Storm systems were installed, and the loop road for interparcel access as added. We also worked with the utilities for re routing.

 Remaining is the  approximately 4.7 acres for the planned, 4 story, 144 unit Multi Family project, which includes 4800 sf of retail on the hard corner of 141 and Jimmy Carter Blvd.

 The project is now fully entitled and we are working with debt and equity partners to complete the financing arrangement. Start date is estimated to be early 2021.