While some view recent closings of several restaurants in Alpharetta's North Point Mall area as a sign of economic problems, local developers consider it a niche market. They intend to redevelop the closed restaurant sites into new mixed-use retail centers.
The Copeland's and Chicago Pizza on North Point Parkway closed to make room for one of the new developments by Rob Forrest of Real Development Inc. He said that despite the previous restaurant struggles in that location, he has six restaurants interested in leasing the new space, after the demolition of the old restaurants. Parking constraints will not allow him to accommodate all six.
His impetus for the development was an initial study of inline retail space that showed a vacancy rate of less than 1 percent in the surrounding area from Mansell Road, north to Kimball Bridge Road. His conclusion was, "Retail and restaurants are not dead around North Point." He attributes the renewed demand for restaurant space to the need for smaller, leaner restaurants that cater more to the lunch crowds. He predicts that even his largest restaurant space will be half the size of the original restaurants.
The overall project, to be named North Point Commons, will have more than 36,000 square feet of space on just over four acres, with a mix of restaurant and retail uses. The land cost for the four-acre site was steep, at about $1.25 million an acre. Forrest anticipates that the property will rent for $32 to $36 per square foot.
A note of pride for the developer is the recycling of construction materials from the demolition site. Forrest has recycled everything from landscaping, windows, steel, ceiling tiles to insulation. He has even used crushed bricks and concrete as aggregate for parking lots in other locations.
Another developer also gained approval to create a two-story, 81,000 square feet mixed-use development. North Point Place will be directly across North Point Parkway from Real Development's project.
The existing site consists of five acres with two restaurants, also. Jimmy P's and Razzoo's were the latest two restaurants to close their doors in the location.
The developers expect that restaurant and retail users will fill the first floor level. Office space will be located on the second floor and will be loft/warehouse style with exposed ductwork, exposed ceilings and hardwood floors. Tenants may also choose traditional interior finishes.
Development team member Larry McCurdy said that the new restaurants will be family oriented. The development will include a three-story parking deck and is expected to have two major anchor tenants; a primary anchor tenant of 25,000 square feet and a secondary anchor tenant of 12,000 square feet.
McCurdy says that smaller restaurants are doing very well. The low retail vacancies make the North Point Mall area a very strong market.
Both projects won rezoning approval from the Alpharetta within the last six months and have been designed by local Alpharetta architectural firm, Pieper, O'Brien & Herr. Construction will start around the end of the year and will be ready for occupancy in 2008.
- www.northfulton.com
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