NEW YORK, Dec. 9, 2013 (GLOBE NEWSWIRE) -- North American Properties – Atlanta (NAP) today announced from the ICSC New York National Conference that the 50th lease has been executed at its Avalon project in Alpharetta, Ga. The $600 million mixed-use project is now 90 percent pre-leased with just under one year to go until its Oct. 30, 2014 grand opening.
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.
"It's rare, in a mixed-use development of this scale, to have all uses moving forward at the same time," says Mark Toro, managing partner of NAP. "We are firing on all cylinders, with multifamily, single-family, retail, restaurants, entertainment and office all underway."
Recently signed leases include: Oak Steakhouse, francesca's boutique, Kendra Scott, Pottery Barn Kids, Marmi Shoes, Fuzziwig's Candy Factory, American Threads, The Cosmetic Market and Giovanni DiPalma's Caffe Gio. Those in final lease negotiations include: Crate & Barrel in Phase 1 and Lilly Pulitzer in Phase 2.
"Reaching 90 percent committed in our 400,000 square-foot first phase, one year before opening, is testament to how unique Avalon is," said Ron Pfohl, vice president of leasing at NAP. "We are to the point where we are turning away retailers because we can't accommodate them. We've already secured our first commitment in Phase 2."
Here is a look at the most recent milestones the NAP team has reached at Avalon:
- Retail leasing: In addition to the retailers listed above, Avalon has executed leases with Giovanni Di Palma's Antico Napoletana, Anthropologie, Arhaus, Athleta, Banana Republic, Bantam + Biddy by Chef Shaun Doty, Bocado Burger Bar, C. Wonder, CRU Food and Wine Bar, Destination Maternity, Dry Bar, Everything But Water, Exhale Spa, fab'rik, a new Chef Ford Fry concept, Flywheel, Free People, GAP, Gymboree, Janie and Jack, Kinnucan's Specialty Outfitter, Kona Grill, L'Occitane, lululemon athletica, Luxury Nail Spa, Marlow's Tavern, Mitchell Gold + Bob Williams, Orvis, Paper Source, Pinkberry, PNC Bank, Regal Cinemas, Sage Boutique, Ted's Montana Grill, Tommy Bahama, Van Michael Salon, vineyard vines, West Elm, Whole Foods Market. Pre-leasing for the Phase 2 luxury retail expansion is already well underway, and Phase 2 is scheduled to open in spring 2016.
- For-sale residential: Town urbanist Lew Oliver, builder Monte Hewett Homes and Atlanta Fine Homes Sotheby's International have teamed up to design, build and sell the single-family homes at Avalon. The team has gathered a waiting list of more than 1,400 prospective homebuyers for the 101 homes, the first of which will be delivered in October 2014.
- Luxury rental homes: 250 luxury rental homes are being built above Avalon's Phase 1 retail. NAP has received unprecedented interest for the multifamily offering at Avalon, with a waiting list forming for units to be delivered in December 2014.
- Hotels: NAP is advancing plans for a conference center and full-service hotel, in conjunction with Stormont Hospitality Group, with a targeted completion of spring 2016.
- Office leasing: Construction of the 108,000 square foot loft office over retail is underway, with shell delivery scheduled for July 2014. CBRE (NYSE:CBG) is leasing the loft office over retail. More than half of the space has been leased, including Wakefield Beasley and Associates, Integrated Care Management and Dental Town. Avalon's Phase 2 will include up to 750,000 square feet of additional office space.
- Gigabit community: Avalon is the first "fiberhood" in Georgia. With "Fiber-to-the-Premises" technology available on-site today, Avalon will deliver residences, guests and tenants gigabit internet speeds, more than 100 times faster than typical offerings. Avalon's technology platform will be provided by Hotwire Communications, offering the same speed and capacity as Google Fiber's initiatives in Kansas City and Austin.
- Construction: Construction is well underway, with all retail, office and multifamily buildings proceeding ahead of schedule. Single-family construction will begin in the first quarter of 2014. Hoar Construction is the general contractor for Avalon. Benning Construction is building Regal Cinemas, and Young Contracting is building Whole Foods. NAP's construction division, NAP Contracting LLC, is constructing the multifamily component and Monte Hewett Homes will build the single-family component.
Avalon is a new experience in the timeless art of living well. In the heart of Alpharetta, this sustainably-designed, 86-acre development with more than 500,000 square feet of retail, a 12-screen all premium theater, conference center and full-service hotels, Class A office, single-family residences and luxury rental homes infuses resort-level hospitality throughout a walkable, seamlessly connected community of shopping, dining, entertainment, living, and working. It's more than just another place to go, it's a place to be — a hub of local art and activity that delivers the luxury of the modern South. At 2.4 million square feet and more than $600 million, Avalon is one of the largest projects currently underway in the United States. You can find more updates on Avalon at its website, Facebook page, Instagram or Twitter profile.
About North American Properties:
Founded in 1954, North American Properties is a privately-held, multi-regional real estate operating company that has acquired, developed and managed more than $4.5 billion of retail, multifamily, mixed-use and office properties across the United States. Headquartered in Cincinnati, with offices in Atlanta, Dallas and Fort Myers, Fla., the company has developed 19 million square feet of retail and 13,000 apartment units in 13 states. Currently, North American Properties has $850 million of development underway in five states. In metro Atlanta, North American Properties owns Atlantic Station, Avalon and BOHO4W. For more information, please visit http://www.naproperties.com.
CONTACT: For More Information, Contact: Elizabeth Hagin The Wilbert Group 404-748-1367 (O) 678-642-4301 (C) firstname.lastname@example.org
Source:North American Properties