Ponce City Market Developer Spending $50 Million To Assist Tenants in ‘Restarting Operations’

Jamestown will provide funding 'as each qualifying tenant develops a reopening plan' at its properties around the country.

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Real estate investment and management firm Jamestown Monday announced a $50 million relief effort to help tenants at its properties to develop reopening strategies in the wake of the COVID-19 pandemic including locally at Ponce City Market, The Shops Buckhead Atlanta, and Westside Provisions District.

“Our priority during the last six weeks has been to provide ongoing support and guidance so small business owners could retool their operations and adapt to an ever-changing environment,” Michael Phillips, president at Jamestown, said in a press release.

“The addition of a $50 million relief program will prove to be a critical resource to our property managers and tenants as they work together to keep our small business communities running. The businesses that call our properties home are the backbones of our neighborhoods, and we want to make sure our local shops, restaurants, and event spaces have what they need to create a new normal that is right for them, and their guests.”

Jamestown began preparing its COVID-19 response in January, according to the announcement.

In addition to implementing its own contingency plans for global operations, Jamestown formed a task force to offer broader assistance to its properties in Atlanta, Boston, Washington D.C., Los Angeles, New York, and San Francisco, as well as other cities around the country.

In March, Jamestown launched an online resource guide to help its small business tenants find materials about maintaining business operations, financing, health and safety resources, and best practices for operating and reopening in a COVID-19 environment.

“In today’s economic climate, chefs need more from their landlord than just four walls and a kitchen,” Anne Quatrano, the owner of Jamestown tenant Star Provisions, said.

“We need a collaborative partner who understands there is a greater community benefit in helping our restaurant succeed. I have always been grateful for the support I received from Jamestown, and that is especially true now. Knowing they have set aside resources to help chefs and restaurateurs get through these uncertain times is a huge relief.”

Funding allocations will be distributed as each qualifying tenant develops a reopening plan with their local Jamestown property management team.

Funds received through the relief effort can be used to cover both hard and soft operating expenses, as well as mandatory measures implemented to remain in compliance with local, state, and federal guidelines related to COVID-19.

[Editor’s note: The novel coronavirus (COVID-19) pandemic is rapidly evolving as is its effect on Atlanta, and the City’s businesses and its residents. Click here for What Now Atlanta’s ongoing coverage of the crisis. For guidance and updates on the pandemic, please visit the C.D.C. website.]

Caleb J. Spivak

Caleb J. Spivak

Caleb J. Spivak

Caleb J. Spivak