August 24, 2021
An Atlanta-based, publicly traded real estate investment trust has become an equity partner with the team reinventing the Neuhoff complex in Germantown.
According to a release, Cousins Properties is investing $275 million in the development, giving it a 50 percent stake in both phases one and two.
Cousins joins Atlanta-based New City Properties, which owns the site and will serve as developer, and J.P. Morgan Asset Management as equity partners. Jim Irwin, president of New City LLC, said the team should close on the construction loan in the next few weeks.
“This is the next step in setting the table for what will be an incredibly successful project,” Irwin told the Post regarding having Cousins as a partner and the looming securing of the loan.
“Vertical construction could start in eight weeks with cranes rising,” he said, noting on-site work (clearing, stabilizing, prepping, etc.) continues.
The initial phase of the project will include 548 residential units and 448,000 square feet of office and retail space. Previous reports had 825,000 square feet of non-residential space and 50 hotel rooms for the overall project.
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