MIAMI—A $600 million mixed-use development took one step closer to reality this week. North American Properties (NAP) just broke ground on Avalon, an 86-acre, resort-inspired, mixed-use development in Alpharetta, GA. The project is scheduled to open in Aug. 2014.
Avalon is expected to bring more than 4,500 jobs to the area. When completed, the mixed-use project will generate an estimated $21 million in annual sales tax revenue, $4.5 million annually in new property taxes and $1.1 million annually in hotel taxes for Alpharetta.
“Alpharetta is an affluent community and locals want and deserve a luxury shopping experience they can’t currently find in the Southeast,” says Mark Toro, managing partner at NAP. “We are thrilled that the Alpharetta community has embraced our vision for Avalon.”
NAP has already inked commitments from 34 retail and restaurant tenants. That puts Avalon at 50% leased. Another 30% of the square footage is under negotiation. Tenants include Gap and White House Black Market, Regal Cinemas, Whole Foods, Anthropologie, Banana Republic, and Yeah! Burger.
NAP will develop, lease, own and manage about 559,000 square feet of retail. Plans also call for a 300-room, full-service hotel, as well as a 175-room, boutique hotel above retail.
Greenstone Properties will develop, lease, own and manage the office component, which will include: a 350,000-square-foot; 14-story office building; two 200-square-foot buildings; 85,000 square feet of office lofts above retail; and a 5,000-square-foot financial institution.
On the residential front, NAP will develop, lease, own and manage 250 luxury residential units above retail with an average rent of $1,400. The project will include 150 one-bedroom units and 100 two-bedroom units, all with high-end interior finishes and dedicated resort-style amenities for residents. And Monte Hewett Homes will build 132 townhomes and detached single-family homes with dedicated resident amenities that include a community pool, playground and clubroom.
Ten percent of Avalon’s acreage will be dedicated to public space. Signature areas will include The Plaza, a gathering place for outdoor programming and the focal point for the development. The Plaza will also include an animated water feature, plantings, music, lighting, and outdoor dining areas.