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BIG APPLE ON PONCE?

WASHINGTON DC 10.19.2017

THE FAIRFAX COUNTY STATE OF THE MARKET

Development Pipeline and Current Projects

Katherine Bonnafé -- Combined Properties
Greg Trimmer -- JBG SMITH
Alex Nyhan -- First Washington Realty
BIG APPLE ON PONCE?
It's always seemed ironic that Atlanta-based Jamestown has shown the sophisticates of New York how to live, at least at the splendid Chelsea Market there, where smart shoppers go for food and fun and now even Google has offices. Yesterday, Mayor Reed indicated Jamestown may do the same for its hometown.   
 
City Hall East
This morning we braved the rain to snap this of City Hall East, whose 2M SF will be acquired by Jamestown for $13.5 million down and an equal amount later, according to social media and this morning?s AJC. Jamestown, which under visionary Matt Bronfman has converted huge old buildings and factories to shining examples of adaptive reuse in San Fran and other cities as well, can assist the Mayor in not only closing a $50M budget deficit but also advancing his campaign platform of economic development. And save the $1 million a year it takes to maintain the vacant building. Technically Jamestown is conducting due diligence and has no formal contract, but we're already getting pretty excited about the idea of something akin to NY?s version, which boasts an open-air market, fresh food shops, and offices of Major League Baseball and the Food Network.
Chelsea Market

This view of Chelsea Market may be a glimpse of Atlanta's future. Today City Hall East stands as a dilapidated vacant reminder of Ponce de Leon?s long-gone glory days and very recent real estate recession. Jamestown has been working to create a spotlight project in its back yard for years. It planned to create retail at the 999 Peachtree office tower in Midtown but has yet to do so. It's been working to lure Alston & Bird to 1400 Peachtree, but no one knows what the law firm will do. Jamestown has led a cool redevelopment of White Provision on Atlanta's Howell Mill Road, but it's nowhere near the magnitude of the City Hall East plan. In late 2008, Jamestown bought Green Street Properties, the new urban developer founded by Internet millionaire Charles Brewer. Green Street chief Katharine Kelley, now part of Jamestown, will lend her vast knowledge of intown mixed-use development to ensure Jamestown gets it right.