Just a little over a year ago, Brookfield Properties handed what once was one of the largest malls in the country and the highest-trafficked mall in the Atlanta metro back to its lender, The New York Life Insurance Company.
Now, North Point Mall in Alpharetta is poised to be transformed by the Trademark Property Company—hired by New York Life—into North Point, what Trademark CEO Terry Montesi describes as a “a radical reimagining of a once-dominant mall into a vibrant mixed-use community bursting with energy and people.”
About half of what was a 1.2 million-sq.-ft. enclosed mall will be coming down. In its place, according to Trademark’s plan, will rise a walkable mixed-use village with greenspace for outdoor dining, a sustainable park that collects and redistributes storm water, gardens, bike lanes, and a 10,500-sq.-ft. event plaza able to accommodate 2,500-plus concertgoers.
“People who used to shop regularly at North Point won’t recognize it. It won’t be anything like a mall. About half the original mall is coming down,” said Montesi.
“We took the temperature of the market before we did the plan,” the Trademark chief continued. “We learned want the community needed and wanted and what the tenants and brokers wanted, and what we’ve ended up with is more entertainment, more regional food and beverage, and more interesting modern retail that desires more amenitized outdoor spaces and a lot less indoor mall space.”
On the current 100-acre site, more than 83 acres will be rezoned to accommodate mixed-use redevelopment. The first phase of the redevelopment will include about 100,000 sq. ft. of new retail, restaurant, and service space; a 50,000- sq. ft. retail/entertainment anchor space; a 15,000- sq. ft. food hall; 25,000 sq. ft. of entertainment space; 25,000 sq. ft. of creative office/coworking space and 320 multifamily residential units.Continue Reading