ALPHARETTA, GA. – Yes, Virginia, the recession is really over – at least in Alpharetta where North American Properties plans to bring its $200 million mixed-use project consisting of retail, entertainment, office, hotel and residential before the Alpharetta Planning Commission March 1 for review.
Phase 1 of Avalon, which contains most of the retail and residential components, is bills itself on its Web site as “five star hospitality in a retail focused environment that does not exist in the Southeast.”
The 100-acre site was bought last July for $22.8 million by North American Properties who also bought Atlantic Station in Atlanta and turned that development around.
The new project on the northeast corner of Old Milton Parkway and Ga. 400 will have a retail component only half of North Point Mall’s 1.3 million square feet. But it will be augmented by 840,000 square feet of office space in buildings of up to 14 stories.
The project plans a residential component of 14 single-family homes and 118 for-sale condominiums. A 250-unit apartment building is also in the plan. Avalon will limit 150 of the apartment units to be one bedroom.
The project is large enough to trigger an Atlanta Regional Commission study known as a Development of Regional Impact. This will result in a recommendation from the ARC as to whether the project should get a green light, but its report is not binding on the Alpharetta City Council which will decide March 26 on the submitted plan.