The project would create 199,050 square feet of retail space — which includes a 155,000-square-foot anchor tenant — by the spring of 2014.
It would be on the Williams Bros. Concrete Inc. site at 800 Glenwood Ave., off Bill Kennedy Way.
"This proposed development, with a destination "155,000-square-foot retail anchor" and 1000+ surface parking spaces, will bring major congestion to our neighborhood streets," the petition to the city of Atlanta, states.
"Limited return access to Interstate 20 will result in negative implications for Glenwood Avenue and the surrounding neighborhood.
"This petition is not against any specific chain or business. We want a responsible development for our neighborhood."
Jeffrey S. Fuqua, principal of Atlanta-based Fuqua Development has not yet announced any signed deals for the project, but for several months, speculation in Grant Park, Ormewood Park and Glenwood Park has been that the anchor tenant could be a Walmart.
Fuqua, who was out of town Thursday, could not be immediately reached for comment.
For its part, Wal-Mart Stores Inc. has said it is looking at more inside-the-Perimeter and in-Atlanta stores.
The Bentonville, Ark.-based retailer's current projects include building stores in Cascade, Buckhead, Decatur and Stone Mountain.
But while the retailer confirmed to the Atlanta Business Chronicle last month that it has had discussions with Fuqua Development regarding the site, it said "we have no agreement in place."
Fuqua has said the site is attractive for such a development because it's in Grant Park and is visible and accessible from I-20.
Being in that spot so close to the interstate puts it on a route trafficked by more than 159,250 motor vehicles a day and it's surrounded by densely populated areas with an average household income of more than $65,000 per year.
Fuqua Development's other projects include Town Brookhaven, and the company has developments in Jacksonville and Denver.
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