This Week's Atlanta Deal Sheet: North DeKalb Mall Wins Tax District Approval
Edens' plans to redevelop North DeKalb Mall is getting a boost from a newly formed tax allocation district.
The DeKalb County Board of Commissioners on Tuesday unanimously approved the creation of the Market Square Tax Allocation District, which encompasses the mall property and nearby areas along North Druid Hills Road and Lawrenceville Highway. The TAD will be financed by future increases in property taxes after the redevelopment and will be used to fund a new trail network as well as affordable housing, parks, landscaping and lighting.
The county had been working since earlier this year on a plan to create a TAD for the ailing 622K SF mall, where Washington, D.C.-based Edens is spearheading a mixed-use redevelopment with 300K SF of retail, 200K SF of office, a 150-room hotel, 1,700 apartment units and 100 townhouses, Bisnow previously reported.
Edens bought the mall for $24.2M from the Sterling Organization last year with visions to transform it into an urban-feeling suburban district, akin to Edens’ massive Mosaic District redevelopment in Fairfax, Virginia.
Currently appraised at $16.2M, Edens’ redevelopment could push North DeKalb Mall’s value to $625M, according to a press release from the Decide DeKalb Development Authority. The entire TAD district could be worth more than $800M over its current $40.5M value.
SALES
The Ardent Cos. sold its Town Center Commons, a 72K SF shopping center in Kennesaw, to Nashville-based 615 Ventures for $13M, or $180M per SF. The property, more than 95% leased, is anchored by outdoor equipment retailer Public Lands, Five Below and The Original Mattress Factory. The center is close to Dick’s Sporting Goods and Costco. Franklin Street Managing Directors Bryan Belk and John Tennant brokered the sale.
***
Cleveland-based DiGeronimo Cos. has purchased The Winter Cos. — including its Winter Construction and Winter Environmental arms — for an undisclosed sum. The combined companies are expected to be valued in excess of $1B.
Winter, established 60 years ago, focuses on private and public sector construction projects. It was unclear as of press time whether current Winter CEO Brent Reid would remain the head of the firm.
DEVELOPMENT
South City Partners is starting development on Renaissance Park, a 288-apartment project spread over five garden-style buildings in Fairburn, a city 20 miles south of Downtown Atlanta. South City tapped McShane Construction Co. as the general contractor. The project is expected to deliver in September 2024.
***
CP Group just completed its $2.2M overhaul of One Overton Park, a 390K SF office building in the Cumberland/Galleria submarket. Renovations included a new lobby, upgraded restrooms and hallways as well as new landscaping. The capital improvements come a year after CP Group and Farrallon Capital Management purchased the 15-story tower, along with One and Two Ravinia Drive in Central Perimeter, for nearly $220M.
PERSONNEL
The Shopping Center Group named Managing Director Nicole Popovics and Ashley Casey, the vice president of tenant services, to lead the firm’s newly formed tenant advisory services group. The team will focus on consulting with retail tenants on their real estate needs.
