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ATLANTA-Five major department stores will anchor this area’s first large-scale shopping center when it opens in October 2001. Signed up are Dillard’s, JCPenney, Parisian, Rich’s and Sears. The two-story, 1.3 million-sf Mall at Stonecrest is 70% pre-leased.

Area rents average $18 per sf. About 120 smaller retailers are expected to close out the tenant roll. An 18-screen theater tenant is expected to sign a lease within the next few weeks.

An additional 1.5 million sf of office space, hotels, single and multifamily housing is planned for the immediate area around the mall. In all of the submarkets, 4.2 milion sf of new product is under construction, according to Dorey Research Group.

Metro Atlanta’s mid-year retail inventory stands at 122.92 million sf. Occupancy levels are 93% in Buckhead; 75% Downtown; 74% in the south side near Hartsfield International Airport; and 97% in the North Fulton submarket.

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