Avalon project gets green light to move forward | Business
ALPHARETTA, Ga. -- The Alpharetta City Council gave the go-ahead April 23 for Avalon, the $600-million mixed-use project at Georgia 400 and Old Milton Parkway.
The project is to be developed by North American Properties , the same real estate company involved in the turnaround of the retail heart of Midtown's Atlantic Station.
North American has already landed Whole Foods Market and Regal Cinemas to help anchor the project. North American plans to include about 559,000 square feet of retail; a 300-room, full-service hotel; a 175-room, boutique hotel; a 350,000-square-foot, 14-story office building that will be developed, leased, owned and managed by Greenstone Properties.
North American will also develop 250 luxury apartments with an average rent of $1,400.Monte Hewett Homes will build 132 townhomes and single-family homes.
Last summer, North American paid $22.8 million for what was then still known as Prospect Park, a suburban luxury shopping center and mixed-use development whose ambitious plans several years ago sank with the economy.
Later in October, it changed the name to Avalon, saying the new moniker can build off associations with luxury and jazz familiar to the affluent, Baby Boomer demographic that makes up a significant part of the greater north Fulton and south Forsyth market.
Earlier this year, North American landed Whole Foods, an original tenant of Prospect Park. It will occupy a 45,000-square-foot space along Old Milton Parkway.