vol. XVII no. 6 Page 1 2 3 4 To grow smart, Bell argues that zoning rules need to take into account a need for people to live closer to work, thereby reducing traffic congestion, improving the environment by reducing smog, and improving quality of life by giving people more time out of the car. In Bell’s view, new development and redevelopment also should offer multiple pricing points. He considers North Point Mall in Alpharetta, which employs approximately 12,000 retail workers with a combined household income between $25,000 and $40,000. The closest place that these workers can afford to live involves a 12-mile, one-way commute to work. "If you could put them closer, so they drive two miles instead of twenty plus, that’s better for everyone," Bell says. The North Point Office Park, currently being developed by Cousins, is such an effort to combine corporate and retail offerings in a planned environment. To date, Cousins has completed four office buildings totaling 540,000 square feet and finished the infrastructure for the rest of the 200-acre park, which ideally also will offer a variety of residential options. Rather than force the population to new urban centers, Bell’s intentions are to offer livable options to those who choose city living. The call for traditional suburban neighborhoods is not going away, but development of those greenfields, or undeveloped land, should preserve open space, leverage existing infrastructure, and provide many market choices, Bell says. He estimates that two-thirds of the land area that will be developed in the Atlanta region over the next 25 years will be in greenfields, offering an opportunity to influence growth in a positive way. ASKING THE RIGHT QUESTIONS Building on the vision of founder Tom Cousins and a willingness to adapt to market trends, Cousins Properties has outperformed the S&P’s annualized return over the past 25 years by almost nine percent. Starting as a major mall developer, Cousins has evolved into one of the most diversified real estate investment trusts in the country. In the 1990s, it developed some of Atlanta’s landmark office projects, including One Ninety One Peachtree Tower, Bank of America Plaza, and The Pinnacle. Its retail projects are national in scope, and since 1998, have focused on "The Avenue" concept of open-air, pedestrian-friendly shopping centers anchored by premier retailers. And its medical office developments include redevelopment of the Emory Crawford Long Hospital complex in Midtown, the single largest health care system project ever in the state of Georgia. Bell attributes the company’s success to its ability to change. "We keep our eyes and ears open and are not committed to only one way of doing things. We read everything we can get our hands on, and then, most importantly, we connect the dots." Continued on next page Previous Page | Top | Next Page

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