JLL has been awarded the retail leasing assignment for Newport U.S. RE’s major revitalization project in Atlanta: South Downtown.
JLL Director of Retail Agency Leasing Coleman Morris and Vice President Molly Morgan are leading retail leasing at the property. The company is also handling office leasing for the development, led by Vice President Brooke Dewey and Vice President Liz Koteles.
Newport, a Germany-based real estate company, is moving forward with plans to transform 47 existing buildings in an eight block radius in South Downtown. The vision is to create a walkable urban neighborhood with lively retail, restaurants, loft residential units, creative office space and pedestrian plazas while retaining and restoring the historic fabric of the buildings. Newport will invest $500 million in the redevelopment project, which will span several years and total 1.8 million square feet.
JLL’s retail leasing team plans to create and implement innovative, targeted merchandising strategies that combine best-in-class national retailers with first-to-market concepts and local boutiques. Other prospects include chef driven restaurants and coffee shops, food markets, breweries/distilleries, fitness centers, art and entertainment venues and service users.
“This project will serve as a catalyst for South Downtown’s revival, and we’re looking forward to working with Newport to create a walkable, liveable and inclusive mixed-use community that ushers in a new era for the district while embracing its rich history,” said JLL’s Morris. “By securing an innovative mix of retailers and restauranteurs, interwoven with an eclectic entertainment environment, we are creating a vibrant gathering place for all Atlantans.”
Renovations downtown could commence in the third quarter of this year, with the first spaces set to deliver in 2019. A street concept plan for the redevelopment, approved by Atlanta City Council last October, will make improvements along Broad Street, Mitchell Street, Martin Luther King Jr. Drive and Peachtree Street – prioritizing the needs of pedestrians, cyclists and vehicles. To achieve its vision, Newport has partnered with a team of architects, including BLDGS, Smith Dalia Architects, S9 Architecture, MT Studio and Stevens & Wilkinson.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
About Newport
NEWPORT US RE is an Atlanta-based real estate investment firm formed in 2016 and focused on the repositioning and redevelopment of street retail, office buildings, and other urban renewal opportunities. Its first project, South Downtown Atlanta, is one of the largest urban assemblages of historic property in any major metro area in the United States. NEWPORT US RE is a subsidiary of NEWPORT HOLDING GmbH, a private real estate company founded in 2004 by Manfred Schoenbach and Olaf Kunkat in Hamburg, Germany. NEWPORT has a track record of renovating large retail centers as well as redevelopment of retail or office driven mixed-use projects in urban centers. Prior to the launch of the US office, NEWPORT successfully expanded into Switzerland in 2010. NEWPORT currently employs 40 professionals and possesses fully integrated development capabilities.
