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North American Properties Breaks Ground on Avalon

The $600 million mixed-used development in Alpharetta is scheduled to open its first phase on Aug. 22, 2014.

UPDATED 9 P.M.: Video of parking garage, retention wall demolition added.

North American Properties broke ground today at Avalon, an 86-acre, resort-inspired, mixed-use development in Alpharetta next to GA 400 and Old Milton Parkway.

"It's been a year and a half since we acquired Prospect Park, but we were chasing it a year before that," said Mark Toro, managing partner of North American Properties. "It's been tremendous. I'll call it a thrill to engage in this project."

The $600 million project is scheduled to open Aug. 22, 2014. The developer says it will be the Southeast’s preeminent experiential development — "a place where specialty retail, entertainment, restaurant, residential, office, hotel and public spaces come together to create a truly unique destination."

The parking garage begins to fall: See video accompanying this story of the start of demolition of the eyesore along Old Milton Parkway.

Beyond shopping and dining, North American Properties says Avalon will benefit the community in other ways.

  • More than 4,500 jobs.
  • $21 million in annual sales tax revenue,
  • $4.5 million annually in new property taxes (including $700,000 to the city of Alpharetta)
  • $1.1 million annually in hotel taxes for Alpharetta.

North American Properties has commitments from 34 retail and restaurant tenants.

Toro said one thing that's been surprising is the leasing momentum that Avalon has gained, given who challenging retailers' expansion plans have become. Five years ago a retailer may have planned 100 stores. Now they might have 12 stores in the works, with only 5 planned in the United States.

"And yet those retailers are considering Avalon for one of those stores," Toro said.

Leasing

Avalon is now 50 percent leased, with another 30 percent in negotiations. The leasing team has recent commitments from:

Pinkberry

  • Dry Bar
  • C. Wonder
  • lululemon
  • Luxury Nail Spa
  • Kona Grill
  • Mitchell Gold + Bob Williams
  • L’Occitane
  • Fly Wheel
  • Savor Boulanger (a new concept from restaurateur Chris Sedgwick)
  • Destination Maternity
  • Gap
  • White House Black Market.

These brands join already announced tenants including Regal Cinemas, Whole Foods, Anthropologie, Marlow’s Tavern, Orvis, Ted’s Montana Grill, Fab’rik, Athleta, Arhaus, Paper Source, Banana Republic, Cru Wine Bar, a concept from chef Ford Fry, Yeah! Burger, Van Michael Salon and Marmi Shoes.

Kris January 29, 2013 at 03:39 PM
We are so excited and thrilled to welcome you to our beautiful city. We'll be watching you build with much anticipation.
PhatNate January 29, 2013 at 04:40 PM
What is the connection between building Avalon and the percentage of leases needed? I had read where Avalon would not be built until it was 80% leased. The numbers provided do add up to 80%, but does "under negotiations" count? Or is this demolotion without a 100% commitment to build? Thanks in advance..
David Schwalje January 30, 2013 at 05:09 PM
Location. Location. Location. This will be a success. Local government leaders, planners, and builders did a great job keeping the vision for this prime real estate.
Tiffany McMillan April 11, 2013 at 01:46 PM
TRADER JOES PLEASE
Rebecca April 14, 2013 at 11:39 PM
Will Avalon have recreational facilities like swim and tennis for it's residents?

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