Retail Expansion Continues in Atlanta's Northeast Corridor Faison Announces Tenants; Begins Construction
ATLANTA - The anchor tenant line-up for northeast Atlanta’s newest shopping destination is taking shape. The Southeast regional office of Faison Enterprises, Inc. (www.faison.com) recently closed on 37 acres and began construction on North Logan Commons. The purchase price was not disclosed. In spring 2009, some of the most recognized names in retail will open their doors at the 370,000-square foot power center along Highway 78, the major artery connecting Gwinnett and Walton Counties.
“Despite the regional slowdown in housing starts, retail amenities are still needed in eastern Gwinnett and Walton Counties,” explains Mike Cohn, senior managing director, Faison. “Retail development is still playing catch-up to the area’s residential boom of the past several years. The trade area surrounding North Logan Commons is virtually void of retail, providing an opportunity for retailers to enter a seemingly untapped metro Atlanta market with minimal sister-store impact.”
Committed anchor tenants for North Logan Commons include: Lowe’s Home Improvement, Best Buy, Dick’s Sporting Goods, PetsMart and OfficeMax. An additional 68,000 square feet of junior anchor and small shop space will bring much needed soft good retailers, service amenities and eateries to this suburban marketplace. One outparcel is still available.
North Logan Commons serves a regional trade area that taps both Walton and Gwinnett Counties, respectively ranked as the 47th and 69th fastest growing counties in the United States. By 2010, the immediate trade area is expected to boast more than 100,000 residents with an average household income of almost $90,000. Further, the Atlanta Regional Commission expects Gwinnett County to lead metro Atlanta in residential growth with predictions of its population surpassing both Cobb and Dekalb Counties. GwinnettCountyis expected to add 400,000 new residents by 2030 (a 68% growth rate since 2000) to become the second most populous Georgia county behind Fulton County, with a population of 989,000.
South Logan Commons, a 350,000-square foot power center, is planned for 41 acres across from North Logan Commons. The shopping center is expected to open in 2010.
“With an estimated two million residents entering the Atlanta market by 2030, the growth expected along the city’s major arterial transportation corridors will be unprecedented,” concludes Cohn. “Ultimately, it is these new residents that will sound the call for more retail and dining amenities.”
About Faison Enterprises, Inc.
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $600 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the Mid-Atlantic and South and maintains regional offices in Bethesda MD, Washington DC, Charlotte NC, Atlanta GA, and Orlando, FL. For more information, visit www.faison.com
