Olde Ivy Village seems to have secured Sprouts to anchor new center
Phoenix, Arizona-based Sprouts Farmers Market will (likely) anchor Olde Ivy Village in Cobb county. The new center, near the intersection of South Cobb Drive and the East West Connector was previously home to a vacant Home Depot Landscape Supply but will soon welcome a number of new businesses. Joining the planned 28,000 square foot Sprouts are Del Taco, Krispy Kreme, a bank and a couple of other businesses. A next generation RaceTrac recently opened adjacent to the new shops.
I had heard Sprouts and EarthFare, an Asheville,North Carolina-based organic grocer mentioned as possible anchors for the new project, but Sprouts became the front-runner last week. Following last week's ICSC's Southeast Conference, sources close to the property informed me a deal was "basically done" with Sprouts, and that Columbia was now going to the county for a few modifications. The meeting, set for November 18th would include a number of Columbia requests, among them modifications to the parking, building height, and an increase in the anchor store's square footage.
I reached out to Columbia Properties and was told that a "national organic grocery store" is being looked at for the project but that an announcement as to who that may be had not yet been made public. The contact did confirm that no matter what "national organic grocery store" they do sign a lease with, the store will not open until 2015.
Sprouts is planning an aggressive entry into the Atlanta market, for now focusing on OTP locations. The organic grocer's first location will be in Snellville, followed by locations in Sandy Springs, and likely Roswell and Norcross, among others. The company (SFM) went public in early August, and saw its IPO price more than double in its first day of trading.
Lake Forest, California-based Del Taco is in the midst of its third attempt at the Atlanta market, and all signs point to the third time being the charm. The first of the new Del Tacos opened in Snellville last February, and it set a new systemwide sales record the day it opened. Subsequent locations have opened in Kennesaw and Cumberland with a fourth under construction in Woodstock. Each restaurant is open 24 hours. Sources day the new Olde Ivy location should open late in the first quarter of next year.
Krispy Kreme is also experiencing a revival of sorts with the Winston-Salem-based doughnut eatery expanding in the metro area for the first time in years. Krispy Kreme will soon open a new location on Buford Highway in Doraville, and is reportedly scouting for as many as a half dozen other new metro locations. Krispy Kreme stock is also seeing renewed interest with a stock price now hovering in the $25 neighborhood, up over 158% this year, and over 775% since 2008. The location at Olde Ivy Village should be open by early next year.
Marietta-based Columbia Properties is also developing The Village at Druid Hills, a new center at the intersection of Briarcliff and North Druid Hills Roads. The center will include a Willy's Mexicana Grill, Newk's Eatery, Sprint, Mattress Firm and a few other small shops. Willy's is opening in place of Zoёs Kitchen which opted to open across the street in neighboring Loehmann's Plaza. Sprint seems closest to opening with signage already up and likely the least interior buildout to do. Willy's and Newk's will both likely open in the first quarter of 2014.