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JLL’s retail group Monday announced repositioning plans for Ashford Lane, a 268,000-square-foot property, at 4500 Olde Perimeter Way, formerly known as Perimeter Place. JLL has been selected on behalf of the owner, CTO Realty Growth, Inc., to transform the property into a mixed-use town center combining shops, restaurants, offices, and residences “around a walkable, central gathering place,” according to the announcement. Coleman Morris, JLL’s director of retail agency leasing, leads the team, which includes Vice President Sherri Mann and Director of Design Strategy Carrie Brown.
“CTO has been in business for over 110 years, and Ashford Lane is one of our proudest undertakings,” John Albright, CTO Realty Growth’s President and CEO, said in the announcement. “Coleman and her team share our passion, and we both understand opportunities to create such a transformation are rare.”
Phase 1 of the repositioning project is currently underway, which encompasses establishing a new brand, re-tenanting the retail mix, and transforming former big-box anchors into creative office space. Plans also include the addition of The Lawn, a new greenspace that will act as the hub of the project. The Lawn will be surrounded by chef-driven restaurants and specialty food offerings with outdoor patios, “creating a vibrant, street-level energy that will complement the activities hosted on the greenspace throughout the year.”
The owners behind The Hall on Franklin, a specialty food hall in Tampa, have already signed a 17,000-square-foot lease at Ashford Lane in the space formerly occupied by Henredon Furniture. “Central Perimeter is Atlanta’s most dynamic submarket,” Morris said. “With Ashford Lane, we’re helping the area meet its full potential by knitting together a collection of greenspaces and streetscapes for Atlanta’s best shops and restaurants.”
The JLL team is behind several Atlanta retail repositioning projects such as Summerhill, South Dwntwn, and Buckhead Village District. JLL Senior Managing Director Eric Weatherholtz, who led the repositioning of Shops Around Lenox, is also involved in leasing Ashford Lane.
“The Central Perimeter submarket has everything, but we’re just adding some charm,” Weatherholtz said. “We’re replacing asphalt with a green space, circling it with strung lights, fire pits, deep awnings, and independent restaurants. We’re converting big boxes to creative office space with grand windows and exposed ceilings and linking the whole thing to its surroundings with improved sidewalks and bike lanes. Ashford Lane marks the next evolution of Central Perimeter, and we’re proud to be a catalyst.”