What was to be a glamorous and sprawling project at a central intersection in Alpharetta off of Ga. 400 has a new owner and smaller ambitions, after years of delays.
Newnan developer Stan Thomas envisioned the 106-acre site a playground for the affluent called Prospect Park. It was to have a luxury hotel, high-end homes and upscale shops. But it stalled during the recession as mountains of debt for unfinished projects from California to the Cayman Islands put Thomas’ dreams on hold.
Last week, Cincinnati-based North American Properties closed on a contract to buy the razed Alpharetta land from Thomas’ lenders.
North American is planning a “unique” retail destination, though few details were offered.
“Our retail and restaurant offerings will complement nearby North Point Mall and other surrounding properties, so we want to reach out to get feedback from local residents,” Ron Pfohl, a partner and director of leasing for North American, said in a statement. “We’ve already received interest from numerous potential tenants for Prospect Park, including a theater and an organic grocer,”
North American said the retail portion will be about half the size of what Thomas had planned. This is the second major acquisition North American has made in metro Atlanta in the last year. It also bought the retail portion of Atlantic Station in a joint venture with CB Richard Ellis Investors.
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