Alpharetta, Ga. — North American Properties (NAP) began construction Monday on Avalon, a sprawling 86-acre mixed-use development in Alpharetta, an affluent northern suburb of Atlanta. The $600 million project will be built in two phases.
Upon completion in August 2014, Phase I will include 370,000 square feet of retail and restaurant space, 250 multifamily units, 101 single-family residences and 83,000 square feet of office space. Phase II will contain a full-service hotel, a boutique hotel and an additional 100,000 square feet of retail.
"Today is the culmination of a lot of hard work and countless wins during the past six months," said Mark Toro, managing partner of Cincinnati-based NAP. "We are excited to share all our progress today and to start demolition and construction. I know the residents of Alpharetta are as eager as we are to begin moving dirt. The wait is over."
NAP received zoning approval for the project from the Alpharetta City Council in April 2012. Since then, the company has received commitments from 34 retail and restaurant tenants to occupy space at the development.
Avalon is 50 percent leased by tenants including a 14-screen Regal Cinemas, Whole Foods, Anthropologie, Marlow's Tavern, fab'rik and Banana Republic. Another 30 percent of the retail space is in negotiations. Recent commitments have come from Pinkberry, Dry Bar, lululemon, Gap, White House Black Market, Kona Grill and L'Occitane.
Upon completion, Avalon is expected to create more than 4,500 jobs and generate $21 million in annual sales tax revenue.
Wakefield Beasley & Associates will be the principal architect, while Site Solutions will be the landscape architect. Hoar Construction will serve as the project's general contractor. Monte Hewett Homes will build 101 homes and townhomes in a community designed by Lew Oliver Inc. Greenstone Properties will be in charge of leasing the office space.
Founded in 1954, NAP is a privately held real estate company that has acquired, developed and managed more than $4 billion in retail, multifamily, mixed-use and office properties across the nation.