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200-ACRE SHOPPING AND ENTERTAINMENT DISTRICT PLANNED FOR HENRY COUNTY
5/11/2004
North American Properties, Simon Property Group and Cousins Properties
Form Joint Venture to Develop South Point
McDonough, Ga. – North American Properties, Simon Property Group and Cousins Properties Incorporated announced today that they have embarked on a period of due diligence in order to study plans to develop South Point, a $200 million mixed-use retail, residential, office and entertainment district for the Southside of Atlanta. The 200-acre site is located at Interstate 75 and Ga. Hwy 20 in McDonough, Ga., approximately 20 miles south of I-285 in the center of Henry County, the third fastest growing county in the United States.
When complete, South Point will have one million square feet of retail and restaurants, 500,000 square feet of office and 1,000 residential units. Phase I of South Point store openings will begin spring 2006. The developers expect to complete the build-out by 2007.
Redefining The Regional Shopping Experience
Unlike the typical regional development in metro Atlanta, South Point redefines traditional approaches to enclosed regional shopping centers by introducing a unique, “village center” concept; a regional destination that provides virtually every commercial amenity in a memorable setting. South Point creates a gathering place where families can pop in and out of storefronts, grab a bite to eat, see a show at the local movie theater and visit with friends and neighbors.
“South Point breaks new ground in terms of its architecture and integration of uses,” said Mark Toro, partner, North American Properties. “It’s more than a mall. It’s a self-contained village; a memorable place where visitors will want to linger longer and savor time spent with friends, family and neighbors.”
At South Point, visitors will encounter a beautiful outdoor environment in which to stroll from store to store and restaurant to restaurant along wide, tree-lined sidewalks adorned with lush landscaping and park benches. Multi-story storefronts with retail at the street-level will congregate around the village commons, a park-like area in the center of the development featuring a reflection fountain. Its combination of department stores, destination merchants, value retailers, entertainment venues and restaurants make South Point the ultimate shopping destination. Convenient surface and on-street parking provide easy access to the village center.
“Today, people are demanding more from the places they shop,” said Tom Schneider, executive vice president of development, Simon Property Group. “They are searching for exciting and unique experiences that connect with their sensibilities, outdoor environments that create relaxing getaways, and value-oriented stores that help them spend less and get more. They’ll find all of that and more at South Point.”
Metro Atlanta’s Next Frontier of Commercial Development
In the last decade Henry County has transformed itself into a desirable address for executive living with average new home sale prices topping $200,000 in new subdivisions like Eagle’s Brooke, Heron Bay and Crystal Lake Plantation. By 2005, Henry County is likely to see a 180% increase in the number of households with incomes in the $150,000-249,900 range.
In the next decade the County will become an economic engine of commercial activity centered around South Point. Much like North Point became Alpharetta’s commercial anchor, South Point will bring much needed upscale shopping, dining and entertainment options to a community that’s been clamoring for them for years. Currently, residents drive out of the County to Buckhead and even Alpharetta in search of upscale retail and restaurants.
“South Point will do for the I-75 corridor what North Point did for the northern suburbs,” said Joel Murphy, president of Cousins' Retail Division. Cousins developed the North Point Mall area in the early 90’s. Murphy added, “Not only will South Point be a regional shopping and entertainment destination for Henry County residents as well as those in surrounding counties, it will also include additional commercial development as market conditions permit.”
South Point will serve the 421,000 residents who already live in the surrounding trade area, which includes the Henry County cities of Hampton, Stockbridge, McDonough and Locust Grove as well as communities in Fayette, Clayton, Spalding and Butts Counties. And the area’s population will continue to grow. In Henry County alone, an average of 9,000 new residents move in each year with the population expected to reach 200,000 by 2010.
“This type of commercial development is exactly what Henry County needs,” said Bob White, executive director of the Henry County Development Authority. “We are thrilled to have upscale shops, white tablecloth restaurants and entertainment venues located closer to home. We would welcome the much-needed new sales tax revenue for our rapidly expanding school system – which adds the equivalent of two classrooms of students per week – and other SPLOST-funded improvements.”
A Powerhouse Development Team
When it comes to retail development in Metro Atlanta, North American, Simon and Cousins have seen it all and built it all. These three specialists bring a vast amount of experience and best-in-class retailer relationships to the South Point project.
Known for their Atlanta power center developments, North American developed projects at Mall of Georgia, The Mall at Stonecrest and Camp Creek MarketPlace, which recently won Real Estate Deal of the Year for retail. An expert on regional shopping malls, Simon owns and manages six Atlanta-area malls, including the Mall of Georgia, Lenox Mall and Phipps Plaza. Creators of The Avenue® lifestyle center concept, Cousins developed premier properties in East Cobb County, West Cobb County and Peachtree City, as well as power centers in many Atlanta submarkets.
In May 2003, the developers, each with a viable site under contract, announced, in principle, a joint venture to build a single regional development in Henry County. “We all realized it was better to create a joint venture and join forces to develop a significant project on one site as opposed to diluting efforts with competing projects at different sites,” stated Toro.
The joint venture team chose the I-75 and Ga. 20 site for the “village center” because of its well-designed interchange and five-lane bridge that provides the best visibility and regional access for the 120,000 cars of residents, commuters and tourists passing by everyday. Additionally, the widening of Ga. 20, often referred to as Atlanta’s defacto outer perimeter highway, is underway and when complete will provide four lanes with a center median in front of the site.
About North American Properties
Established in 1954, North American Properties has been a leader in the commercial real estate industry for nearly half a century. Headquartered in Cincinnati, the company has developed 17 million square feet of retail located in 11 states. The Atlanta regional office specializes in mall-peripheral power centers, neighborhood grocery-anchored projects and mixed-use developments and has developed almost 6 million square feet of retail space since 1996. Current projects include: Brookwood MarketPlace, Camp Creek MarketPlace, Lakeside MarketPlace, MarketPlace at Seminole Towne Center and South Point in Henry County. For more information, visit www.naproperties.com.
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