The firm that bought Atlantic Station now is poised to buy a stalled retail project in Alpharetta.
North American Properties, which bought the shops at Atlantic Station in December, has signed a contract to purchase Prospect Park.
Newnan developer Stan Thomas had proposed a luxury destination for tourists, residents and shoppers on the 106-acre site at Ga. 400 and Old Milton Parkway. His grandiose plans included $1.5 million homes and a luxury hotel. A parking deck for a proposed Whole Foods was started but not completed. Instead, building materials and heavy equipment sat idle on the site while Thomas’s firm ran into financial trouble during the recession. He had billions of dollars of projects under development, but ran out of cash and financing to bring many of them to completion. Thomas filed for bankruptcy protection on the Prospect Park site.
North American Properties, led by Mark Toro, wants to put a scaled down mixed use center on the site and will be seeking input from citizens of Alpharetta about what they would like to see on the site. Terms of the contract were not disclosed.
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