Battle of the Mixed-Use Projects: Ponce City Market, Buckhead Atlanta, Avalon and Krog Street Market (Alpharetta: 2015, apartments)

[stillinthesouth]

So, this is a big year for mixed-use projects in metro Atlanta: Ponce City Market, Buckhead Atlanta, Avalon and Krog Street Market are all scheduled to open (just the first phase of development in some cases). My poll question is: which project is the best and why? Of course, none of these developments has opened yet, so there is no way to compare the “finished product,” but which one do you think is the best in terms of the concept, the impact on the community, the overall offerings, etc.

Here's a rundown on the 4 mixed-use projects:

Avalon
I didn’t realize how big this project is until I visited the website the other day. It will include:
570,000 square feet of retail in an outdoor plaza environment; 750,000 square feet of Class A office and an additional 85,000 square feet of loft office; 800 residential units, including 250 luxury rental units located in 4 stories above retail; a 300-room, four-star hotel and a 175-room boutique hotel located over retail.

Cost: $600 million

The concept, according to the website: “Avalon is one of the largest projects under construction in the United States and it will be the Southeast's preeminent experiential development — a place where specialty retail, entertainment, restaurants, residences, offices, hotels and public spaces come together to create a truly unique experience.”

The retail space is now 97 percent leased. The roster is too lengthy to list here (you can check out the full roster on the project website), but some of the highlights include: Whole Foods Market, Orvis, Crate & Barrel, J. Crew and many other stores and restaurants.

Grand opening: October 31, 2014

Buckhead Atlanta
Formerly called Streets of Buckhead, this project stalled during the economic downturn when Ben Carter Properties, the original owner, was forced to back out after investing $400 million. For more than two years, cranes stood idle over a large crater where the infrastructure work had begun on the site, formerly a large nightlife district razed to make way for the development. OliverMcMillan purchased the land in 2011, renamed the project (awkwardly) Buckhead Atlanta, and resumed construction in 2013.

The project, scaled back from the original vision, will include: 300,000 square feet of upscale retail, restaurants and cafes; 100,000 square feet of office; and 400,000 square feet (370 units) of high-rise residential.

The cost: $1 billion (including $400 million in land and other costs invested by prior owner)

The concept, according to the website: “Consisting of multiple distinctive buildings, each with a proprietary proportion and style, the design focuses on the relationship between buildings, people, automobiles and walkways. By balancing the pedestrian experience with automotive convenience,
Buckhead Atlanta personifies the sophisticated, urban atmosphere…offering shoppers an experience that rivals that of New York's 5th Avenue or San Francisco's Union Square.“

Hermes and several boutique & luxury retailers and a number of restaurants have been announced. Also, Spanx will establish an office headquarters with accompanying retail space. Based on the small square footage of most of the stores announced to date, most of which are small boutiques, one has to think that a lot of the 300,000 SF of retail space is still available (percentage of retail space leased to date has not been announced).

Opening: Beginning in summer 2014.

Ponce City Market
The restoration of the historic Sears building is billed as the largest adaptive reuse project in Atlanta’s history. The project by Jamestown will renovate 1.1 million square feet of the building and will include: 330,000 square feet of retail and restaurants; 475,000 square feet of office space; 259 residential flats.

Cost: $250 million

The concept, according to the website: “The redevelopment will focus on preserving the building's historic character and sustaining its connection with the community. Ponce City Market will reflect the authenticity of the historic structure and the surrounding neighborhoods, returning the building to its prominence as a thriving landmark in the Southeast.”

The office portion of this project has received the most publicity so far. A lot of tenants from the high-tech sector will be opening offices in the building, including Mailchimp. Several food hall vendors have been announced.

Opening: Beginning in late 2014; most of retail will open in 2015.

Krog Street Market
I know this is a much smaller project than the three others but I’m including it for the heck of it.

The specifics: A 30,150 square foot renovation of a historic single-story warehouse representing the last remaining undeveloped commercial building in Inman Park; also will include the 222-unit Alexan Krog Street apartments.

Cost: $70 million

The concept, according to the website: “A destination for Atlanta’s intown culture - those who are always searching for unique, specialty creations. It’s designed to be as authentic as the 1920’s warehouse it’s built into. With market stalls to sell produce, goods, and prepared food, along with a few southern-grown restaurants and retailers, the market will offer Atlantans a gathering place of sorts – a locale for taking in an extraordinary meal or picking up a few inspiring ingredients – a west coast-style market, right in the heart of Inman Park”

Opening: Summer 2014

[erick295]

Best? Who can say that? What you're about to get are a bunch of responses equating "best" with "personal favorite," and probably a whole lot of vitriol directed at Avalon for daring to exist outside an Interstate that was built awhile ago.

All four seem to be catering to their respective areas and are likely to be successful.

[gtcorndog]

Herp derp thread

[Pemgin]

Ponce City Market. Excellent restoration and reuse of a beautiful, historic building. It will make Atlanta one of few cities in the country with an iconic food hall. Beltline adjacent, which will eventually make it accessible for a huge portion of the city. It's certainly the most unique of these developments and hopefully will encourage more adaptive reuse throughout the city.

Honorable mention: Krog Street Market. Another creative reuse of existing infrastructure with a concept not common in Atlanta. Also Beltline adjacent.

[afdinatl]

1.BA - imo the city needs this project the most so that Atlanta can compete against Dallas and Miami with upscale retail. I heard about 40% of the people that visit LS travel from out of town. Those same people will probably spend another day here to visit BA. Plus this will make Atlanta more of a world class city. World class cities offer plenty of upscale retail options. Plus we need more walkable communities and this project is very walkable

2. PCM. This project is exciting because they are looking to bring the city stores that are not currently in Atlanta. Atlanta desperately needs another landmark and this will fit the bill perfectly. We need more retail and restaurants in the city that isn't in a traditional mall. Plus Atlantic Station needs some in town competition. This will hopefully get tourist to see more than just downtown Atlanta. Each time I visit The Ferry Building it is always packed and I'm sure this project will be the same

3. KSM. This project came in third. I think people will come here to avoid the large crowd at PCM. This will give us more restaurant options and competition is good.

4. Avalon - since this is in Alpharetta I put it in fourth place. Alpharetta is really stepping up in entertainment with this project, Topgolf and Main Event Entertainment also opening in Alpharetta this year. This project will keep people entertained and it will save them from having to drive to Atlanta for fun. Avalon is suppose to be similar to The Grove in LA.

[Ant131531]

I love seeing PCM destroying the other projects minus Krog, but Krog is smaller and less impactful. Buckhead Atlanta will be for the rich. Avalon is faux urbanism that isn't near any sort of transit and on an island 20 miles from urban Atlanta.

[arjay57]

The Buckhead project seems more like a conglomeration of smaller re-developments. There's no "grand opening" and they'll be coming online independently.

[Rick Derris]

My first post on city data. Long time listener, first time.....caller?

Maybe I'm spoiled living in the city and having access to everything but I can't imagine travelling to another city in the US just to go shopping.

Am I underestimating the draw to those in rural areas?

[cqholt]

PCM all the way.

[micropundit]

As the list currently stands, PCM is my choice because of all of the factors cited before PLUS, the technology biz component that the office space is attracting. Including the design incubator space, PCM injects most of the elements that Atlanta's intown MXDs require in order to be competitive nationally. The project that intrigues me the most is the $ 650 million (in 2013 dollars) 98 14th Street. From what I have read about the developer and his track record, this project could not only dramatically alter Atlanta's skyline but inject some serious retail and restaurant space~100,000 square feet as well as a high end luxury hotel into the hot Midtown Atlanta market. In other words, 98 14th could have the luxe cache of BA; the intown swagger of PCM ; be as much of a TOD as KSM( adjacent to the Arts Center MARTA ) with an unmatched skyline profile.