ALPHARETTA, Ga. — Designers for The Point Park, a key element of the planned revitalization of North Point Mall, have released updated renderings for the centerpiece amenity.
The park is part of a major redevelopment underway by Brookfield Partners which will also include new, freestanding retail and restaurants and a multi-use trail system with tie-ins to nearby trails and the Big Creek Greenway. Plans also call for 300 luxury apartments.
Brookfield won approval for the plan in February 2019, about a year after it purchased the mall property from General Growth Properties in a deal estimated at about $15 billion.
The park, located on about 17 acres, features a canopy walk and a 600-foot pedestrian bridge spanning the park and linking to the residential and commercial core of the new development.
Alpharetta Community Development Director Kathi Cook says the North Point district is in line for $300 million in new development.
Part of that investment includes the Providence Group’s Ecco Park townhome development, now under construction, near Haynes Bridge Road near the entrance to the mall.
Also underway is Brixmor Studio Movie Grill, site of the old AMC theater near Mansell Road.
“We checked with them, because they did stop during COVID,” Cook said. “They have said they’re going forward.”
Accesso, at the corner of Encore Parkway and North Point Parkway, is underway with a development that includes retail, restaurant and a small office. Accesso filed for land disturbance permits prior to COVID, Cook said, but they have not collected their documents. The development has, however, made its way through the Design Review Board.
Officials with Brookfield say they would make decisions on a time schedule for their development during the first quarter of this year, Cook said.
Brookfield received a change in conditions in October, allowing it more time to begin work on its mixed-use development. In exchange, the city received a donation of 2 acres for use as a future MARTA bus rapid transit station.
The developer now has until the end of 2022 to begin site work in order to hold onto the rights for the apartments.
The North Point area generates over $1 billion in retail sales and pays out more than $10 million in property taxes to the city, county and school district annually, according to a study performed by Bleakly Advisory Group. But the corridor has fallen on hard times over the past five years with the opening of Avalon and downtown’s City Center.
The city has focused much of its economic development efforts of late in rescuing the corridor.
Just last month, city officials approved an application with the Georgia Department of Community Affairs to establish an opportunity zone within the corridor to provide tax breaks for qualifying employers. The credits — $3,500 per new job with a minimum of two jobs — can be used against a company’s state income tax and withholding tax liability, and they are available to any business, including retail.
And in November, the City Council adopted a draft plan for the Alpha Loop that includes pedestrian enhancements in the North Point area.
In 2019, the city established a tax allocation district for the North Point area that will provide future funding for infrastructure improvements by diverting a portion of future property tax collections.
Estimates compiled for the city by Bleakly show the district could receive anywhere from $65-$88 million in funding for these improvements over 25 years if the county and school district agree to be a part of the TAD.