CIM Group Forges Ahead On Centennial Yards Office Renovation

CIM Group is moving forward with plans for 185 Spring St., an extensive office renovation project at 185 Ted Turner Dr. SW that is part of the national real estate company’s 12 million-square-foot Centennial Yards development, permit filings this week show.

Plans entail tenant improvement work on each of the 84,000-square-foot building’s six floors for occupancy by several City of Atlanta tenants, including the Atlanta Police Academy, according to the filings.

The plan for Spring Street, which also involves the demolition of 175 Ted Turner Dr. SW to make space for parking, represent one of several initial projects in CIM Group’s total master-planned development. Centennial Yards as a whole will provide 12 to 15 new city blocks on 40 acres of downtown Atlanta land enclosed by Centennial Olympic Park Drive, Mitchell Street, Richard B. Russel Plaza, Martin Luther King Jr. Drive, Ted Turner Drive, and parts of Marietta and Forsyth Streets.

The Spring Street buildings were two of several structures sold to CIM by the city in recent years. Other “asset swap projects” are 160 Trinity Ave., which is another extensive office renovation for city tenancy, as well as 120 Claire Dr., a warehouse set to provide 50,000 square feet with two office spaces.

At Spring Street, each floor will be permitted separately for certificates of occupancy to be issued on a floor-by-floor basis, according to a series of permit filings that value the project cost at $12.65 million. Along with the Atlanta Police Academy, other tenants planned to occupy the renovated building are the Department of Atlanta Information Management, the Atlanta Fire Rescue Department, and the city’s Department of Human Resources, those filings show.

CIM Group’s additional progress with Centennial Yards follows its first building application for the project, filed in December. The project as a whole is expected to cost $5 billion.