Big Retail LOI for Inman Park
Inman Park could be getting a whole slew of new restaurants and retailers. And also a few apartments. That's after JPX Works? Jarel Portman raises his capital.
|We spoke with Jarel (son of famed developer John Portman) about his JV with South City Partners on the planned 280 Elizabeth, a $45M mixed-use development (rendered here with happy little trees by the late Bob Ross) that will encompass 205 apartments and 39k SF of retail surrounded by a more than 500-space parking deck—all on a 3.3-acre site at Elizabeth and North Highland. Jarel most recently tapped Cassidy Turley capital markets guru Bart Steinfeld(out of NY) to round up financing. ?If you told me I would be developing apartments for rent, I?d have said you were crazy. But that's the thing right now,? he says. Assuming things go smoothly, the project can be built out by 2015.|
|Jarel tapped Vantage Realty Partners' Gene Rice, Brittany McCall(both above), and Chris Carter to handle pre-leasing on the retail space, which he says will be half restaurant and half retail. (Old English fairy tales used to talk of mythic half restaurant/half retail beasts.) Jarel says he's particularly optimistic about restaurant interest in the site given Inman Park 's budding reputation as an epicurean hub in Downtown Atlanta, especially with such popular spots as Barcelona, Victory Sandwich Bar + Emporium, Rathbun's, and Sotto Sotto. That means you're possibly going to have eight great restaurant options within a block, he says.|