The owners of the retail center The Avenue East Cobb have entered into a joint venture partnership with North American Properties, a commercial real estate company that owns the Avalon development in Alpharetta.
The partnership with present owners PGIM will “reposition the open-air retail community,” according to a statement issued Thursday.
According to a release, NAP plans to add upscale dining, create a central lawn, provide a concierge service for guests and conduct more events at the 230,000-square foot shopping center on Roswell Road.
NAP officials said in their announcement Wednesday that plans for The Avenue East Cobb center around creating a “downtown” atmosphere that the area has lacked.
A statement from Adam Schwegman, an NAP partner and senior vice president in Atlanta, said that “our plan is to create a socially magnetic place that pulls people together to hang out and connect with community. Utilizing best practices from our other projects, we’re excited to elevate this already great shopping and dining destination into a modern gathering place.”
The Avenue has held regular events for a number of years, including Santa rides during the Christmas holiday shopping season, outdoor movie screenings and car shows.
The restaurant additions at The Avenue will be “chef-driven” featuring patio space; the NAP announcement did not specify its plans for events and entertainment.
NAP will oversee leasing and management of the property, but a sale did not take place. A timeline for the renovations was not announced.
In the release, NAP managing partner Tim Perry said that “lifestyle centers like The Avenue East Cobb were designed to fill gaps in the market—the retail deserts between regional malls—by providing outdoor shopping for the community.
“As these communities have matured around them, they became the center of the community and while The Avenue East Cobb has remained a high-performing asset over the years, NAP sees an opportunity to elevate the destination into a true third place with a modern mix of retailers and restaurants.”
NAP is a Cincinnati-based retail developer with offices in Atlanta, and is currently overseeing a lengthy renovation to Colony Square in Midtown Atlanta. NAP also overhauled Atlantic Station, also in Midtown Atlanta, before selling it off.
Last year Chain Store Age named The Avenue East Cobb one of its “Top 10 Comeback Centers” after weathering closures due to COVID-19.
Created by Atlanta real estate developer Tom Cousins, The Avenue opened in 1999 on nearly 30 acres of land that once housed a golf driving range.
It was among the early models of an outdoor, pedestrian-friendly mall created as an alternative to enclosed suburban shopping centers, and attracted a mix of national retailers and locally-owned shops.
Currently The Avenue features Ann Taylor, Banana Republic, Bed, Bath and Beyond, Eddue Bauer; Gap, High Country Outfitters, Lululemon, Michael’s, Pottery Barn, Talbot’s and Williams-Sonoma.
Established local businesses include Olea Oliva, Drift Fish House & Oyster Bar, Stockyard Burgers, Ansley Atlanta Real Estate and K Squared Artisan Boutique.
NAP puts on more than 200 events annually at Avalon, according to Chain Store Age.
Avalon is a much bigger development than The Avenue East Cobb, with more than 2.3 million square feet of space on more than 80 acres. That includes office and luxury apartment space in addition to nearly 600,000 square feet of retail space.
PGIM purchased The Avenue in 2006 for more than $94 million, according to Cobb Tax Assessor’s records. A PGIM subsidiary, Poag Shopping Centers, still manages The Avenue West Cobb.
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