Colliers Spectrum Cauble Unit Plans High-End Project

ATLANTA-The trendy Virginia-Highland shopping center clustered around North Highland and Virginia avenues is in line for its first mini mixed-use project. North Highland Property Development Co., an affiliate of locally based Colliers Spectrum Cauble, has filed conceptual plans with the city for the Mix @841.

The project would include 40,000 sf of high-end retail and restaurant space, a 275-space parking deck and about 15 two-story townhomes. The developer expects to break ground by summer and have the project completed by fall 2007. Jon Barry, a partner in North Highland Property Development Co., couldn’t be reached by GlobeSt.com’s publication deadline to learn the estimated development cost.

However, Atlanta area brokers familiar with comparable projects tell GlobeSt.com the hard construction cost of the Mix will probably come in at least $10 million. The brokers base their estimated on an estimated construction cost of $85 per sf for the retail component; $90,000 per unit for the townhomes; and about $5 million for the parking deck.

The one-acre development site is at 841 N. Highland Ave. The site is a surface parking lot next to the former Harvest restaurant.