ATLANTA — Jamestown and its subsidiary, Green Street Properties, have started construction on the $180 million, 1 million-square-foot redevelopment of Ponce City Market, located at 675 Pone de Leon Ave. in Atlanta. The 2.1 million-square-foot building is formerly known as City Hall East.
“Seven years after the city first attempted to sell the historic building for redevelopment, we’re excited to announce that the largest brick structure in the Southeast is officially under construction,” said Matt Bronfman, managing director of Jamestown in a statement. “Jamestown is fortunate to be able to develop such an exciting project and looks forward to seeing it once again become an important part of the community, driving economic growth and culture in Atlanta.”
The redevelopment will open in one phase and is slated for completion in the spring of 2014. Previously, Jamestown had announced it would include approximately 300,000 square feet of retail space, 350,000 to 500,000 square feet of loft office space, and residential units as dictated by the market. Additionally, the property will contain some green elements, including rainwater harvesting and an organic farm on the rooftop.
“Historic renovations are always challenging because you discover so much about the building the further you go,” said Jim Irwin, vice president of development for Green Street Properties. “The strength of Jamestown is that we have a long legacy of these types of projects and are nimble enough to adapt and adjust as time goes on. Jamestown is sensitive to the environmental impact of any redevelopment project, which is one reason we are so interested in historic rehab — there is always less taxing to the environment through the reuse of what already exists.”
Irwin added that Ponce City Market was especially attractive to Jamestown because of its location and accessibility to public transportation.
“Ponce City Market will connect to the Beltline along its western edge, the recently completed 17-acre Fourth Ward Park along its southern edge, and the streetscape and transportation improvements along the project’s northern and southern edges on Ponce de Leon and North Avenue,” he said. “Linking to these recreational and transportation resources is also an important part of the project’s strategic focus on sustainability and walkability.”
Jamestown purchased the property from the City of Atlanta in July of this year for $27 million. Jamestown provided $15.5 million at closing. To read more about the acquisition, click here.
— Savannah Duncan