Purchase of Atlanta’s Historic Sears Building Paves Way for $180M Rehab
- Jul 13, 2011
July 13, 2011
By Barbra Murray, Contributing Editor
The 2.1-millionsquare-foot Sears, Roebuck & Co. building in Atlanta is one significant step closer to being transformed into the mixed-use Ponce City Market now that Jamestown Properties has completed the $27 million acquisition of the 1920s-era property from the city of Atlanta. Jamestown will work in conjunction with its sustainable development subsidiary, Green Street Properties, on the $180 million restoration and redevelopment of the historic building, which holds the distinction of being the largest brick structure in the southeastern U.S.
Presently known as City Hall East, the Sears building made its debut in 1926, housing retail space and regional warehouse and catalog distribution operations. Shoppers made their last purchases at the register in 1979 and warehouse activity ceased in the mid-1980s, but the doors of the structure swung open again in 1991 when the city acquired the facility to serve as administrative offices. Now, Jamestown and Green Street will sweep out the cobwebs and move forward with the historic rehabilitation of the building.
The team will maintain the early 20th Century architectural essence of the property while converting it into a modern-day, live-work-play destination designed to serve as a central gathering point in the Old Fourth Ward bordering the city’s bustling Midtown office district. Ponce City Market’s first two floors will encompass national and local retail tenants and dining establishments in 300,000 square feet of space, the centerpiece of which will be a food market with offerings from coveted restaurants across Atlanta. Premier office space totaling 500,000 square feet and several hundred apartment and condominium residences will also be incorporated at the property.
Sustainability in its simplest of forms will be a key element in the project. The site will feature ample green space, walkable pathways and direct connections to the 22-mile Atlanta BeltLine rail and walking corridor that is currently under development.
Jamestown and Green Street expect to complete the conversion of the iconic Sears building into Ponce City Market in early 2014.