NAP Wins Approval for $600M Avalon Development
- Apr 30, 2012
By Georgiana Mihaila, Associate Editor
The Southeast is one step closer to its first “experience center”—a place where high-end retail, restaurant, residential, office, hotel, and public spaces come together in order to create a unique destination. North American Properties has received key approvals to move forward with its $600 million Avalon development.
The resort-inspired mixed-use project will be developed in Alpharetta, Ga. and will encompass a total of 87 acres. The retail component will include roughly 559,000 square feet of shops, restaurants, a specialty grocery store and a 14-screen movie theater, all developed, leased, owned and managed by NAP. In addition to a line-up of experiential retailers, which currently includes Whole Foods Market and Regal Cinemas, NAP plans to deliver event programming that activates Avalon’s public spaces throughout all four seasons such as outdoor concert series, yoga in the park, pet parades and family camp-outs. NAP will also offer five-star hospitality to visitors and residents through its on-site, hotel-style concierge and valet parking services. A 300-room, full service hotel and a 175-room boutique hotel are also being planned.
The office component—consisting of a 350,000-square-foot, 14-story office building; two 200,000-square-foot buildings; 85,000 square feet of office lofts above retail; and a 5,000-square-foot financial institution—will be developed, leased, owned and managed by Greenstone Properties.
The residential part of the development has two components, the first is being developed by NAP and consists of 250 luxury residential units above retail, with a rent average of $1,400. Monte Hewett Homes will be in charge of the second residential component—132 townhomes and detached single-family homes with dedicated resident amenities—that will be available for sale.
Ten percent of Avalon’s acreage will be dedicated to public space, with signature areas including a plaza, a boulevard and The Commons—a neighborhood park that will feature an allée of trees, park benches and lush plantings.
According to an official company statement, the Avalon completion date is set for October 2013.
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