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NORTH AMERICAN PROPERTIES PURCHASES 40 ACRES FOR NORTH COBB SHOPPING DESTINATION
1/13/2005
Construction has begun at Lakeside MarketPlace
ATLANTA – North American Properties recently acquired 40 acres of land and has started construction on Lakeside MarketPlace, a $40 million, 330,000-square foot power center, located less than one mile south of the Mars Hill Road intersection on US Highway 41 (Cobb Parkway). The purchase price was undisclosed. The shopping center is expected to open in Spring 2006.
Committed anchor tenants for North Cobb’s newest shopping destination include: SuperTarget, Circuit City, Ross Dress for Less, PETCO, Books-A-Million, OfficeMax and Famous Footwear. Fire Mountain (operated by Ryan's Restaurant Group), Taco Bell, Steak ‘n Shake, Longhorn Steakhouse and Panda Express have agreed to purchase outparcels in the development. Additionally, approximately 25,000 square feet of small shop space is to be constructed.
“An exciting transformation is taking place in North Cobb,” explained Stephen Lam, partner, North American Properties. “This brownfield redevelopment will transform the unstable landfill site, into a vibrant shopping destination. Come next year, residents of this high growth area will be just a short trip away from filling-up their shopping carts.”
Like the booming East Cobb of the 1980’s, the North Cobb region is witnessing a population surge. The area’s population has increased by 25% since the 2000 Census to approximately 180,000 (according to current postal count data) with an average household income close to $80,000. Further, the Atlanta Regional Commission recently named The City of Acworth the fastest growing city in Cobb County.
Designed by Atlanta-based Phillips Partnership, Lakeside Marketplace’s architecture will create a pedestrian-friendly environment reflective of the surrounding upscale neighborhoods. Storefronts will incorporate varying finishes of brick and stucco, complemented by metal awnings, transom storefront windows and other ornamental embellishments. Lush landscaping, planters, benches and wide sidewalks encourage shoppers to stay awhile.
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