North American Properties has plans to reposition The Avenue East Cobb, a 230,000-square-foot shopping center in Marietta, it said on Wednesday.
Behind projects like Atlanta’s Colony Square and Atlantic Station redevelopments, the Ohio-based developer said it will upgrade the 22-year-old retail center with exterior improvements and a leasing focus that includes chef-driven dining concepts.
“Lifestyle centers like The Avenue East Cobb were designed to fill gaps in the market – the retail deserts between regional malls – by providing outdoor shopping for the community,” NAP Managing Partner Tim Perry said in a statement.
“As these communities have matured around them, they became the center of the community and while The Avenue East Cobb has remained a high-performing asset over the years, NAP sees an opportunity to elevate the destination into a true third place with a modern mix of retailers and restaurants.”
NAP has entered into a joint venture partnership with the owner of The Avenue East Cobb, asset management company PGIM, to reposition the open-air retail community. The property was last sold by original developer Cousins Properties in 2006 for about $94 million, county records show.
Plans call for the addition of a central event lawn bordered by new restaurants and patio spaces as well as a new “resort-level” concierge program and community event lineup, according to NAP’s announcement this week.
Current tenants include Lululemon, Sephora, and Tin Lizzy’s Cantina, among others.
“Our plan is to create a socially magnetic place that pulls people together to hang out and connect with community,” NAP partner and Senior Vice President of Leasing Adam Schwegman said in a statement.
“East Cobb is home to an incredible population of families who are looking for places to go and things to do, yet it lacks any resemblance of a downtown. Utilizing best practices from our other projects, we are excited to elevate this already great shopping and dining destination into a modern gathering place.”
Since it was founded in 1954, NAP has developed 22 million square feet of commercial space and 19,000 residential units across 15 states.
[Correction: A previous version of this article stated that a change in ownership of The Avenue East Cobb occurred. The owner of The Avenue East Cobb is PGIM. A sale has not taken place.]
