WOODSTOCK, GA. — Developers have broken ground on a new outlet mall in Woodstock, approximately 35 miles northwest of Atlanta, which seeks to draw shoppers from a three-state area.
In January, Chattanooga-based CBL & Associates and Horizon Group Properties of Norton Shores, Michigan, formed a joint venture to develop the Outlet Shoppes at Atlanta. The development is scheduled to open in August 2013.
The 370,000-square-foot center was originally conceived as an outdoor lifestyle center, says the site's original developer and land owner, Bill Butler, of Ridgewalk Properties Group LLC. Cousins Properties, which had previously planned to build The Avenue, an upscale retail center, pulled out of the project under the weight of market conditions after the recent economic downturn. Another factor is that open-air malls had begun to fall out of favor, says Butler.
“We are extremely pleased that Horizon Group and CBL stepped forward to finally complete the long-anticipated project,” says Butler.
The site is located off I-575 at the new Ridgeway Parkway exit. The developers said they expect the shopping center could attract about 4 million shoppers a year from Georgia, Tennessee and Alabama.
“It is located much closer to the residents of metro Atlanta than existing outlet centers and its design makes shopping at the center much easier and more pleasant,” says Gary Skoien, CEO of Horizon Group Properties.
Stores that have committed to joining the mall include Nike, Saks Fifth Avenue OFF 5th, Brooks Brothers, Guess, Puma and J. Crew.
The site will accommodate an additional 30,000 square feet of outlet shops and also feature eight out parcels for restaurants and other uses.
The new outlet mall will be key piece in the development of the Ridgewalk area, which includes about 400 acres of land north of Towne Lake Parkway, Butler says. Butler purchased the land more than a decade ago and the development has primarily been residential. Projects included Alta Ridgewalk, a 340-unit apartment complex and Magnolia at Ridgewalk, a residential development of 252 attached single-family homes.
“It is clear now that the Ridgewalk development will finally become a stunning success,” he says.
Design plans for the Outlet Shoppes in Atlanta call for covered walkways and landscaped courtyards. It will also feature a children's play area and a center court complete with fountains.
Site preparation will take place over the next few months with structural work beginning later this summer. CBL will have a 75 percent stake in the project, and the developers are currently pursuing a construction loan. Horizon will have a 25 percent stake in the project.
The project is expected to generate more than $130 million in annual sales. The Atlanta Journal Constitution reports the project will cost an estimated $80 million.
— Liz Burlingame