Portman Holdings says it will redevelop a 1980s-era office park in the north Atlanta suburb of Alpharetta, Georgia, into a complex with apartments, townhomes, retail and restaurants.
Atlanta-based Portman paid $27 million for the adjacent properties Brookside One and Brookside Two, according to the company and CoStar data. The seller was Bridge Investment Group. Portman obtained a $15 million loan from Georgia Banking Co. to finance the property acquisition.
Portman said it will demolish one of the two buildings on the 20-acre site and renovate the other into modern office space. Construction is expected to begin in summer 2026 and be completed by 2029.
It’s the latest in a series of projects around Atlanta involving the sale and proposed repurposing of outdated office complexes. Toro Development is leading a mixed-use project at a former State Farm corporate campus in Johns Creek, Georgia. Third & Urban in January acquired Corporate Square in DeKalb County with plans to renovate and, in February, the firm bought the former Northridge Commons complex in Sandy Springs and plans to refocus marketing to revitalize leasing.
“Brookside represents an opportunity to go beyond office, placing greater emphasis on residential and retail uses that align with the evolving needs of suburban communities,” Travis Garland, chief development officer at Portman, said in a news release.
Portman’s plans for Brookside Village call for the project to contain 75 townhomes-condos, 335 apartments, 60,000 square feet of retail and restaurant space and 3 acres of public outdoor space. The office building to be retained and renovated is 130,000 square feet. Portman also said it will construct new streets within the development to connect with Old Milton Parkway and Brookside Parkway.
Bridge acquired the properties in 2021 for $41.2 million through its Bridge Office Fund II, according to public records.
For the record
Dotan Zuckerman and Anders Fry at Portman are retail leasing agents. Troutman Pepper Locke was legal counsel on land use and zoning matters and on the property sale. McClure & Kornheiser was legal counsel on the loan. SK&I is design architect. ASD/SKY’s Core Landscape division created the master plan and is the landscape architect. Kimley-Horn provided engineering and planning services to Portman.