Green Street Files Detailed Plans for Ponce City Market
- Dec 08, 2011
The Ponce City Market project in Atlanta is a step closer to fruition as developer Green Street Properties has filed detailed plans with the Georgia Department of Community Affairs. The $180 million plan calls for redeveloping the former Sears, Roebuck & Co. store and warehouse complex known as City Hall East into a. 2.1-million-square-foot live-work-play destination.
Located at the crossroads of the historic Old Fourth Ward and the Atlanta Beltline, the City Hall East property is being positioned by its developers as a showcase of urban revitalization. Plans filed Nov. 21 with the state agency call for 204 residential units, a 160-key hotel, 245,494 square feet of retail space, 20,645 square feet of restaurant space and 348,000 square feet of office space. Acquired by Green Street last July in a $27 million deal, the complex holds the distinction of being the largest brick structure in the Southeast. Ponce City Market will also incorporate major sustainability features such as green space, pedestrian pathways and links to the 22-mile Atlanta BeltLine rail.
According to the Atlanta Business Chronicle, the first phase of the project represents approximately 75 percent of the project and could be completed by late 2013. For the office component, Green Street aims to lure tenants seeking loft space, a rarity for Atlanta.