Both tenants and consumers will demand mass transit access in mega mixed-use developments, North American Properties' Mark Toro will predict at our Atlanta Forecast 2015, starting at 7:30am on Jan. 28 at the W Hotel Midtown.
Baby Boomers and Millennials—the two largest generations in US history—are driving development in projects like Ponce City Market, Buckhead Atlanta and Avalon. They're the target for the mix of retail, residential and office uses, Mark says. But that also means access to MARTA will increasingly become critical, he says. “It’s all about walkability and experience. Tenants are forgoing opportunities in traditional formats in favor of locations that provide their guest a unique experience and a mix of uses,” he says. “Exurban development is effectively obsolete. Drive-until-you-qualify residential, and the commercial development that followed it, is over.”
By the time Millennials are ready to show off their pool bodies, Mark says North American Properties will begin Phase 2 of Avalon, which is set to include 80k SF of retail, 550k SF of office (in a JV with Hines Interests), a 325-key four-star hotel (in a JV with Stormont Hospitality), a 276-unit apartment project and hopes for a City of Alpharetta-partnered conference center. Mark says half of the new planned retail is committed, with Lily Pulitzer and Brooks Brothers among the names. Join Mark and other panelists for our Atlanta Forecast 2015 starting at 7:30am, Jan. 28 at the W Hotel Midtown (last chance tickets and info here).
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