Avalon project gets the OK to move forward (Atlanta, Alpharetta: appointed, real estate)

[tonygeorgia]

Avalon project gets the OK to move forward - Atlanta Business Chronicle

Alpharetta City Council gave the go-ahead April 23 for Avalon, the $600-million mixed-use project at Georgia 400 and Old Milton Parkway.
The project is to be developed by North American Properties the same real estate company involved in the turnaround of the retail heart of Midtown's Atlantic Station.

North American has already landed Whole Foods Market and Regal Cinemas to help anchor the project. North American plans to include about 559,000 square feet of retail; a 300-room, full-service hotel; a 175-room, boutique hotel; a 350,000-square-foot, 14-story office building that will be developed, leased, owned and managed by Greenstone Properties.
North American will also develop 250 luxury apartments with an average rent of $1,400.Monte Hewett Homes will build 132 townhomes and single-family homes.

[Mattie]

Great news. I'm looking forward to that massive expanse of dirt disappearing.

[cqholt]

Maybe the developer can set aside space for a future MARTA station, when the Red Line gets extended up GA 400. I can see no use for more retail space and office space when there is already a glut of both in the metro.

[lastminutemom]

I am shocked that they can get financing for the office component. I bet the apartments are built first.

[Onthemove2014]

North American will also develop 250 luxury apartments with an average rent of $1,400.Monte Hewett Homes will build 132 townhomes and single-family homes.

Why would someone pay that much for an apartment way up there? Those are even more expensive Perimiter Center and many Atlantic Station apartments.

[tonygeorgia]

^^ single people that work in that area that do not want a long commute will move there

[tonygeorgia]

They said they will open in October 2013

[lockmat]

Does this project have a website?

[ATLTJL]

Believe it or not, there are a lot of people who work in Alpharetta. Not everybody commutes to town to work. A lot of the jobs up there are good high paying jobs, so I would imagine filling 250 luxury apartments will be no problem. If the average price is 1400, that would lead me to believe that one bedrooms would be in the neighborhood of 1100, probably closer to 1000 when specials are running. For people who are making six figure salaries or close to them, that's no big deal. They must think there is a demand for high quality rental units that is not being met.

My only complaint is I wonder why Regal is so aggressive about getting the good locations. Personally, I can't stand Regal, I'm a much bigger fan of AMC, but Regal has been getting all the good locations lately. I wonder why AMC is snoozing.

I can see no use for more retail space and office space when there is already a glut of both in the metro

Time will tell. Let's see if it is successful. My bet is the developers who are investing hundreds of millions have done a little more research than you have. I'll put my money on this development, not the cqholt mantra of "don't build anything new." You may not see a use for it, but I bet others do, and I bet this thing is successful. At least the retail, the office space....I'll admit, I'm not sure how they plan to fill a 14 floor building.

[nrgpill]

whole foods is a good start and a better tenant than any of the AS anchors (Dillard's?? come on..). Hopefully you'll see less of American Eagle and Chico's of the world and more of Intermix and Scoop. One thing I am disappointed w/ both the The Avenue and The Forum is the store mix. Avalon could do well to differentiate in that regard.