Avalon Celebrates Topping Out, Retail 97 Percent Leased

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ATLANTA, April 24, 2014 (GLOBE NEWSWIRE) -- When North American Properties – Atlanta (NAP) held its official "topping out" for Avalon yesterday, there was plenty to celebrate — including 15 new retail leases, long wait lists for residences and construction progress on office, retail and residential. The retail component of the $600 million mixed-use project, in Alpharetta, Ga., is 97 percent leased and scheduled to open Oct. 30.

"Avalon is the future of retail," said Mark Toro, managing partner of NAP. "Creating a walkable community that infuses hospitality into every aspect — this is the experience today's retailers are attracted to, as it is what their customers are demanding. The fact that we are 97 percent leased six months from the grand opening is the most powerful indicator."

Recently signed deals include: J. Crew, Crate & Barrel, Calypso St. Barth, Bantu, LensCrafters, BCBG, Sunglass Hut, Road Runner Sports, Soft Surroundings, J. Jill, Goldberg's Deli, J. McLaughlin, Boston Proper, Lou & Grey and Columbia Sportswear.

Avalon, one of the largest projects under construction in the United States, 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 interest we have had in our residential product has been nothing short of spectacular," said Richard Munger, development partner at NAP. "We recently released floor plans for 250 luxury rentals and received 900 waiting list requests within three weeks. Our 101 unit for-sale offering, released last summer, has accumulated a list of over 2,600 families seeking the Avalon experience."

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 American Threads, Anthropologie, Antico Pizza Napoletana, Arhaus, Athleta, Banana Republic, Bantam + Biddy, Bantu, BCBG, Bocado Burger Bar, C. Wonder, Caffé Gio, Calypso St. Barth, Crate & Barrel, Cru Food & Wine, Destination Maternity, Dry Bar, Everything But Water, Exhale Spa, Fab'rik, Fly Wheel, The El Felix, Francesca's, Free People, Fuzziwig's Candy Factory, Gap, Goldberg's Deli, Gymboree, J. Crew, J. Jill, Janie & Jack, Kendra Scott, Kinnucan's, Kona Grill, LensCrafters, L'Occitane, lululemon, Luxury Nail Spa, Marlow's Tavern, Marmi, Mitchell Gold + Bob Williams, Orvis, Paper Source, Pinkberry, PNC Bank, Pottery Barn Kids, Regal Cinemas, Road Runner, Sage Boutique, Soft Surroundings, Sunglass Hut, Ted's Montana Grill, The Cosmetic Market, The Oak Steak House, Tommy Bahama, Van Michael Salon, Vineyard Vines, West Elm and Whole Foods Market.
  • Luxury rental homes: There are 250 luxury rental homes being built above Avalon's retail. NAP has a waiting list of more than 900 people for units that will be available in December. To view floor plans and be added to the VIP list, please visit havenatavalon.com.
  • For-sale residential: Monte Hewett Homes has begun construction on 101 single-family homes designed by town urbanist Lew Oliver. The waiting list includes more than 2,600 prospective homebuyers. Prices for the first 14 homes will be released this summer and the homes will be ready for occupancy this fall. Contact Atlanta Fine Homes Sotheby's International for additional information or visit comevisitavalon.com.
  • Hotel: NAP is in discussion with the City of Alpharetta to advance a public-private partnership to develop a 325-room full-service hotel and conference center in Phase II of Avalon. Stormont Hospitality Group is the hotel development partner. The targeted completion date is spring 2016.
  • Office: Construction of the 108,000 square foot loft office over retail is underway, with shell delivery scheduled for July. 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, Hug & Associates and Dental Town. NAP has partnered with Hines to develop Phase II, which will include up to 750,000 square feet of additional Class A office space – complete with gigabit fiber, meeting facilities and Club Avalon Concierge.
  • 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 recently announced in other US cities.
  • Construction: Construction is well underway, with all retail, office and multifamily buildings proceeding ahead of schedule. The exterior of Whole Foods Market is complete and interior construction has begun. In May, buildout will begin on retail interiors, with grand opening set for Oct. 30. The first residential units will be delivered in December 2014 and continue through 2015.

    Hoar Construction is the general contractor for Avalon. Benning Construction is building Regal Cinemas, and Young Contracting is building Whole Foods Market. NAP's construction division, NAP Contracting LLC, is constructing the multifamily component.

About Avalon

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 naproperties.com.

CONTACT: For More Information, contact: Suong Nguyen The Wilbert Group 404-343-0637 (O) 678-642-4301 (C) snguyen@thewilbertgroup.com

Source:North American Properties