ATLANTA-With the first phase of the open-air specialty retail center Avenue Webb Gin set to open in August, space is 78% committed, according to developers Cousins Properties Inc.
Matt Gove, Cousins' director of corporate communications, tells GlobeSt.com that the company typically opens a shopping center when it is 80 to 85% leased. "We generally don't open them fully leased. It's good to have availability for retailers who we believe would make good additions to the center but have not yet made a decision," Gove says.
Retailers that have signed leases for space include A&J Jewelers, After Hours Formalwear, Ann Taylor, Ann Taylor Loft, Banana Republic, Barnes & Noble, Caribou Coffee, Chili's, Coldwater Creek, Doc Green's, Ethan Allen, Francesca's Collections, Gap, Jos A. Bank, Kay Jewelers, Limited Too, Liz Claiborne Shoes, Natural Body Spa, New York & Company, On the Border, Romano's Macaroni Grill, Select Comfort, Talbots, Venetian Nails, Victoria's Secret and Yankee Candle.
The 385,000-sf Avenue Webb Gin is located on 56 acres at the intersection of GA 124 and Webb Gin House Road. In addition to retail space, it will contain 19,000 sf of office space. Phase I on the south side of Webb Gin House Road will contain 216,000 sf of retail space. Phase II, which will open in October, will contain 130,000 sf. Space in the second phase is 72% committed. Another 20,000 sf of retail space is planned to open in 2008. "Retailer interest at the Avenue Webb Gin has been tremendous and we expect the next two months, leading up to our August opening, to be especially busy as we fill out the project's retailer mix," says Joel Murphy, president of Cousins' retail division, in a statement.
Gove adds that leasing efforts have not yet started for the office space being constructed on the second floor of the shopping center. Cousins' anticipates the space will attract small, community-based businesses, such as real estate agents. "We're confident that businesses will be interested in the space," Gove says.
Cousins made big retail news in May when it entered into a $700-million joint venture with Prudential Insurance Co. of America. The joint venture covers the ownership, development, investment, management and leasing of selected commercial properties. Cousins initially will be contributing the Avenue East Cobb, the Avenue West Cobb, the Avenue Peachtree City, the Avenue Viera and Viera Market Center aggregately valued at $342.4 million. Prudential is contributing at least $342 million in cash. PREI's contributions are scheduled to be made in four installments over the balance of 2006, as GlobeSt.com previously reported.
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