Reshaping Home Depots
March 28, 2008
Atlanta Business Chronicle
A Florida-based developer has snapped up former Home Depot sites that it will turn into two mixed-use projects.
Fla.-based Ram Realty Services recently acquired the 17.4-acre former Home Depot EXPO site in the Lindbergh area with palns to redevelop it inmto mid-rise apartments. Construction is expected to begin this summer.
In Snellville, Ram has also purchased the 6.6-acre former Home Depot Landscape Supply site, and has an adjacent 4.5-acre site fronting Scenic Highway to redevelop the entire parcel into a retail center.
Atlanta-based The Home Depot Inc. closed about a third of its Home Depot Expo stores in 2005 and closed all 11 Home Depot Landscape Supply stores in November 2007.
Ram bought the 11 Home Depot Landscape Supply stores, five in Atlanta and six in Dallas, in late January for $22 million.
The first phase of the Lindbergh redevelopment will be built next to the PGA TOUR Superstore on Garson Drive, said Ken Baye, senior vice president of development for Ram. Raye, formerly of Home Depot’s real estate group, will oversee the Ram’s development in the Atlanta market.
The first phase calls for 322 apartment units. A second phase will redevelop the PGA TOUR Superstore site, he said. The entire project is valued at about $200 million.
Construction on the 95,000-square foot Snellville retail center is expected to begin in late 2008, Baye said.