The entire build-out of Atlantic Station is anticipated to have15 million square feet of residential, office, hospitality, retailand entertainment space. It is located in the heart of Atlanta'sMidtown sub-market where it was built on the site of Atlantic SteelMill, a formerly environmentally-contaminated property, at I-75 andI-85.
AIG has been selling real estate assets so that it can pay itsdebt to the federal government, which bailed out the insuranceconglomerate at the height of the financial crisis.
Atlantic Station's Town Center has a nearly 13% vacancy rate,the result of a downturn in the economy says Dean McNaughton,senior director, Cushman & Wakefield in Atlanta, whospecializes in retail. Although Target, IKEA and Dillard's owntheir locations, AIG and Jacoby own the rest of Town Center.
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