Only two months away from the opening of its first phase on October 30, Alpharetta’s Avalon has already drawn tenants for its next development stage.
The developer, North American Properties, has already secured tenancy commitments from Brooks Brothers, Peek Boutique and Lilly Pulitzer, to join 12 other retailers and three restaurants. The rezoning application for Phase Two was recently submitted by the developers. This will add an additional 90000ft² of retail, in excess of 500000ft² of luxury office space, a 325-room full-service hotel and 276 luxury homes for rental.
The development located at Old Milton Parkway and Ga. 400 has been in the offing since before the Great Recession. The initial vision was for a $750m project called Prospected Park, but this was stopped as the developer at the time, Stan Thomas, was unable to fund the project during the bad economic times.
The property was purchased by North American, for $22.8m, during the summer of 2011 when its name was changed to Avalon. The first phase of the Avalon project is set to include 400000ft² of retail and restaurant space, 108000ft² of loft office space, 101 single-family homes and 250 luxury rental homes.
20 AUGUST 2014, USA