Avalon developer North American Properties in final talks to buy Midtown’s Colony Square (Atlanta: for sale, real estate)

[Airforceguy]

Should be interesting to see what they do with the property...

North American Properties, the developer behind Avalon in Alpharetta and key part of the team that helped turnaround Atlantic Station in Midtown, is in final talks to acquire the well-known Colony Square complex near the Woodruff Arts Center, a person with knowledge of the situation told The Atlanta Journal-Constitution.

The office and retail center, which includes two office towers, was among the first major mixed-used developments in the South. It was listed for sale by a joint venture including New York real estate giant Tishman Speyer and Rialto Capital. The deal is expected to close before the end of the year, the person said.

Tony Wilbert, a spokesman for NAP, said he could not discuss the matter, but more details may be made available at a later time.

Avalon developer North American Properties in final talks to buy Midtown’s Colony Square | The Biz Beat Blog

[midtown mile girl]

I hope they do better than Tishman Speyer; it seems that they could not figure out what to do to bring in businesses.

[JMatl]

Originally Posted by midtown mile girl

I hope they do better than Tishman Speyer; it seems that they could not figure out what to do to bring in businesses.

I agree, midtown mile girl. For such a large and prestigious firm, Tishman Speyer simply doesn't seem to 'get' Atlanta or do very well here. BofA Plaza a case in point.

I know they're developing Alliance Center III in Buckhead, but I'm guessing they'll sell it before it's completed.

Colony Square is about as prime as it gets, and has amazing bones/location/potential. North American could very well be exactly what it needs to freshen things up and cement its place.

[J2rescue]

If done right a remake of Colony Square could be a game changer for Midtown. As illustrated in the article, it's in such a prime location. I just hope it somehow involves making the block more pedestrian oriented and not merely attracting newer, trendy tenants.

[JMatl]

Originally Posted by J2rescue

If done right a remake of Colony Square could be a game changer for Midtown. As illustrated in the article, it's in such a prime location. I just hope it somehow involves making the block more pedestrian oriented and not merely attracting newer, trendy tenants.

So true, J2! It's a tremendous asset, basically at the corner of 'Main & Main' in todays Atlanta.

[Zanarkand A East]

Colony Square has been an afterthought for years. The product mix needs to be completely overhauled.

[cqholt]

Colony Square is ripe for upgrades and in the perfect location. It was the first mixed use development in the SE.

[ATLTJL]

Definitely. I love Colony Square, but it has never done a good job at attracting retailers that I could possibly care about.

In desperate need of an overhaul. And Peachtree Center should be next!

[koko339]

With the residential boom in the pipeline for north Midtown this seems like a no-brainer. Maybe we'll see the old Houlihan's occupied once again in our lifetime.

[primaltech]

What would/could they do with it, though? Besides change out the tenants. And remodel the interior.

Are they talking about building stuff?