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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I wonder if the space is big enough to warrant getting this right. Also, it has not been sold, but being co-managed. The current management are not known for being flexible. I think this was not done right at the outset and has never been the draw it was set out to be. Fingers crossed they get it right, but I will watch with caution. We are inundated with taco joints and Mexican restaurants that appeal to families with small children and teens. The average age in this area has been creeping up. We are at the dawn of an era where there are more empty nesters staying put with disposable income to support good restaurants and stores. Every time I have seen this on the horizon we have had an economic crash, a pandemic etc. We are smack bang in the middle of Roswell (also getting very beer and taco), Sandy Springs (going up in popularity and growing) and Marietta Square (Still trying, but giving it a good go), but we don’t have much on our doorstep. How many times can we got to Seed and Drift without wishing we had a bit more to choose from? Alpharetta, Woodstock and all the other little centers are thriving. Ditch the chains, bring in the chef driven restaurants and some more boutique style businesses. The management drove many out by insisting they kept full mall hours and the small businesses could not afford the staffing. Please do this right.
So I am real curious how they’re going to put a “central lawn” in there, without either taking out a bunch of parking spots (not likely) or tearing down some existing retail space.
I hope the existing tenants are on-board with this, or signed into longer term leases with good attorneys on retainer.