Atlanta’s City Hall East to Be Developed as Ponce City Market
Decatur Metro | June 29, 2011 | 4:32 pm
The Atlanta Business Chronicle reports that Jamestown Properties will put $180 million into the old City Hall East and turn it into Ponce City Market. According to the ABC…
Early plans call for about 236,500 square feet of retail and 21,250 square feet for restaurants. Developers will also try to lure companies that want loft office space — a rarity in Atlanta. They’d offer 100,000 square feet floor plates and skyline views.
For a bit of context, North DeKalb Mall offers 635,000 square feet of retail, while Lenox Square has 1.5 million square feet. However, the retail renderings remind me primarily of the Grove Arcade in Asheville, which is actually of similar size in terms of retail at 260,000 square feet.
Sounds like this old Sears and Roebuck building could be pretty dang cool once all is said and done.
A couple more rendering pics HERE.
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I am so glad to see the old place put to good use. I wonder if there are any plans to use the artesian springs underneath?
I’ve always thought this was one of the most visually appealing buildings in Atlanta. Even though it took longer to get from my old Decatur apartment to Buckhead and other places, when I lived here while attending GSU in the 80s I would always drive down Ponce just to see the Clermont and old Sears buildings. Now nearly 30 years later, I am still stuck on Ponce because of the view.
These are Buckhead sketches. Looks rather sterile. There should be throngs of heavily-tattooed and pierced hipsters with ironic facial hair in these pictures. Like at Hipster Target and Hipster Lowes. I love shopping there. They all treat me with respect even though I’m a fossil. Now, get off my lawn. I’m going inside to watch Matlock.
Yeah, except the guy in the light yellow jacket is transparent, which is pretty hip, no? And the other guy sitting at the table is not actually sitting on a chair.
He’s not a transparent hipster. He’s the Ghost of Promised Projects Past.
Sounds fantastic, just like the half dozen redevelopment plans that preceded it. I’ll believe it when I see it.
I’ve got two words for Jamestown Properties: Underground Atlanta!
Ever notice how Atlanta comes up with a lot of ways to spend money, but not many ways to earn it?
I don’t get it. Atlanta sold City Hall East to Jamestown Properties for $27 million, after paying $12 million to buy it twenty years ago. That’s a 7% return every a year just from the real estate. How’s that not earning money?
The City of Atlanta spent $28 million in renovations on the building and $2.4 million a year for 10 years on the debt. It never saw revenue from leasing space as it predicted and only used half the space it acquired. Which means that at a cost per square foot, it probably lost more than it ever made.
Also, the building still needs about $105 million in lead and asbestos abatement, wiring and plumbing updates. The chances that Jamestown actually goes through with this project? Slim to none.
You left out the economic cost of lost tax revenues and the other operating and maintenance costs that come with running an old, mostly empty, decaying building. I believe the purchase was called the “deal of the century” at the time by the Mayor. Unfortunately, he left out the operative word “bad” in front of deal.
But if Jamestown doesn’t move forward, it won’t be because they lack the financial capabilities as seems implied. This is not that big a deal as compared to their typical scale.
It will flop as it will turn ghetto once the newness wears off. I give it 1 year or until the first murder, rape, or armed robbery before it becomes Underground Atlanta II.
Don’t forget Atlantic station
Where would you park to shop there?
It’ll look better once the Quizno’s sign goes up.
My wife and I spent a few hours in the Ferry Building on Embarcadero in San Francisco last week and wondered if something like that would work in the ATL. Fantastic local food stalls and restaurants and a farmer’s market twice a week. Foodie heaven.
I’d say that Atlanta’s waterfront is a little lacking.