Tuesday, November 10, 2020

[PROGRESS REPORT] Northlake Mall Redevelopment Moving Forward "Full Steam Ahead"

COVID-19 has certainly slowed commercial real estate projects and other businesses around the world.  The owners of Northlake Mall and many other commercial real estate developers are still moving forward, albeit at what seems like a glacial pace.  ToNeTo Atlanta spoke this past week with Tony Ruggeri, co-founder and partner at ATR Corinth, the current owners of Northlake Mall, about the project and coming updates.  Ruggeri was quick to dispel rumors that his firm was either putting the project on the market or removing the retail component from the re-development.

ATR is very much moving forward "full steam ahead" with their initial onsite work at the mall.  According to Ruggeri, interior work on the former Sears space started this past Thursday with work likely to be visible to the public within the next three or four weeks, pending the approval and issuance process of permits from the City of Tucker.  

Emory Healthcare, which in late 2019 signed a lease for 224,000 square feet at the mall, will occupy the former Sears store at the mall, with a workforce of at least 1,600.  The Emory space is what ATR will initially work on, making infrastructure and other improvements to the space to complete their responsibilities before they turn it over to Emory's contractors for the space to be built out to suit their needs.  As Ruggeri put it, "they do the book, we do the book cover." Emory will likely occupy the space in late 2021 or early 2022.  

While the Sears space is spoken for, the fate of the rest of the mall and surrounding outlots is far less clear at this point.  It's also worth noting that ATR now also controls the two-level, 180,000 square foot JCPenney space which was vacated in October when the struggling retailer closed its store.  Pre-COVID, Ruggeri and his firm were deep in talks with several restaurant and retail operators, among other prospective tenants.  Some of those talks have stopped altogether, while others have slowed as business owners re-evaluate their expenditures and expansion plans in the wake of the pandemic.  

Ruggeri described restaurants as "least active," with so many either closing or on limited hours.  Many restaurant operators who are still looking to expand are far more likely to seek out cheaper second generation restaurant space versus making the financial commitment of building out completely new restaurant space. 

The area already has a strong evening and weekend population, but the completion of the initial office component is what will bring the weekday population needed to attract restaurants and other tenants.  Ruggeri anticipates the project will eventually have "slightly more" office and "a little less" retail, but with the addition of more service-oriented uses.  

Despite many companies either downsizing or implementing work from home programs, medical office space seems to be one of the safer bets when it comes to commercial real estate.  Securing a significant lease with Emory may not be the "sexiest" use of mall space, but can you imagine if the developer had instead moved forward with a movie theater operator or something crazy like that?  

What restaurant or retailer would you most like to see open at the reimagined Northlake Mall?  What is currently your go-to Northlake area restaurant?  When was the last time you shopped at a store in Northlake Mall other than Macy's?

Pleas share your thoughts below. 

18 comments:

Majestic Body said...

Marshall’s is my favorite destination .

Anonymous said...

I'd love to have an Old Navy at Northlake. I could see that doing well.

Unknown said...

TRADER JOES!!! H&M, American Eagle, Home Goods,

canoe4ever said...

Trader Joe's

Anonymous said...

Old Navy already came and went from N'lake. Ditto for Structure, Eddie Bauer, Disney Store, Games and Gadgets, Spencers, B Dalton, Waldenbooks, Gold Mine...

Anonymous said...

Happy Hermans, Barnies Coffee and Tea, Record Bar, Piccadilly, McCrorys, El Chico, Magic Pan, Swiss Colony, Chess King, Prime Cut, Wicks and Sticks, Turtles, Chick fil a, Radio Shack, Wendys, Gyro Wrap, Lane Bryant, Bailey Banks and Biddle, Kay Bee Toys, Parisian

Symmetrypix said...

Barnes and Noble please!!!

Anonymous said...

#1 Trader Joes!
#2 Farrells Ice Cream Parlor - would be nostalgic to bring back to Northlake and I think if well run could do great

Anonymous said...

New drinking game - take a shot every time a reader comments that they want a Trader Joe's to open in their area. Two shots if it's clearly an area that Trader Joe's wouldn't put a location (i.e. Tucker).

Anonymous said...

Thank you for following up with them. A few days ago I drove through the parking lot and saw a construction sign on the door of the old Sears. I wouldn't describe their progress as "full steam ahead....lol. But I am happy to see progress in anythi g I. 2020.

Anonymous said...

If anyone has been to North Hills in Raleigh, NC then you know the WOW a developer can do to a former mall space. It's super high-end, so I would re-imagine Northlake like North Hills but with mid-level stores.

Anonymous said...

It's too bad the Costco project did not move forward. A complex like the Costco/mixed use in Brookhaven would have been nice.

Joepiccaso said...

Yes, the Costco deal was the best. DC screwed that up at North DeKalb Mall. Bureaucrats' and politicians' egos just kill progress. I would have thought a ambulatory retirement facility would have ben a hit. indoor walking and facilities, and close to healthcare. No lack of future customers, for sure.

Allen Meadors said...

Too much neighborhood opposition for anything a developer proposes
for anything attractive to happen in the Northlake quadrangle and Briarcliff/ Clairmont intersection

Remember the uproar surrounding the proposed commercial re-development at Briarcliff and N. Druid Hills

Allen Meadors said...

Costco/mixed use complex is exactly what was proposed at N. Driud Hills/ Briarcliff

Anonymous said...

Something upscale - something upscale - something upscale

Deanna said...

Trader Joe's. Old navy, pita pit, wendy, Marshall, candy shop. Starbuck. Independent movie theatre, like lafont. Sushi. More restaurants for evening dining. Independent bookdtore6

Lisa Patrick said...

I am going to really miss JCPenney. I know bookstores are struggling, but this is an educated neighborhood -- a B&N or Books-a-Million. I like the retro Farrell's idea, too. We already have plenty of discount clothing choices: TJMaxx, Marshall's and Ross are all nearby, and the Burlington is moving to Briarcliff Village. Please, no more.

Related Posts Plugin for WordPress, Blogger...