The City of Roswell and The Atlantic Cos. have finalized a significant land swap, paving the way for the ambitious Hillrose Market mixed-use redevelopment project. This collaboration is set to transform a key area within Roswell, introducing a vibrant blend of residential, retail, and office spaces, with construction slated to commence next year.
Key Takeaways
- A land swap between the City of Roswell and The Atlantic Cos. has been completed.
- The deal facilitates the development of the Hillrose Market mixed-use project.
- The project includes residential units, retail spaces, and office components.
- Construction is expected to begin in the upcoming year.
Hillrose Market Project Details
The Hillrose Market project is designed as a comprehensive mixed-use development encompassing six buildings. The plan includes a 75,000-square-foot retail village, a dedicated office building, and the innovative adaptive reuse of the former Roswell Police Department. This historic building will be transformed into a dynamic hub featuring ground-floor retail and second-floor workspace.
Financial Agreement and Land Lease
Both properties involved in the land swap were valued at $4.79 million, representing the estimated fair market value for the total commercially leased ground area. Under the agreement, the land owned by the City of Roswell will be ground-leased to The Atlantic Cos. for an initial term of 50 years, with an additional 50-year option for renewal. This long-term lease structure underscores the commitment to the project’s sustained success.
Residential and Commercial Components
The development will significantly enhance the local housing stock and commercial offerings. It is slated to include 143 luxury apartments and 16 townhomes, providing diverse residential options. Complementing the housing, approximately 75,000 square feet will be dedicated to retail and office spaces, aiming to create a bustling commercial center.