JLL announced today Atomic Entertainment has tapped the recently minted Adaptive Reuse division, under its Project and Development Services (PDS) business line, to lead the development of Pullman Yards in the historic Kirkwood neighborhood of Atlanta. The new branch, led by Vice President Rainey Shane, officially launched in January of this year after securing and actively managing roughly 1.5 million square feet of projects throughout 2017. The specialized team aims to bring life and economic value to Atlanta’s treasured buildings. Shane will lead redevelopment efforts for many of Atlanta’s emerging adaptive reuse projects, including Pullman Yards.
Shane brings years of experience in project management and redevelopment to her new role as director of the adaptive reuse team. Having previously served as a development and construction manager for the vastly successfully revitalization of Ponce City Market, Shane will assemble and lead teams that manage and develop a wide range of adaptive reuse projects, including creative loft office, multifamily, retail, restaurant, film soundstages and hotels.
The team is excited about the Pullman Yards project as it plans to bring concepts to Atlanta that have never been done before. The 27-acre site features 13 unique, freestanding buildings and is considered the largest undeveloped piece of land on Atlanta’s Eastside. The monumental undertaking will transform the parcel into a mixed-used location featuring film soundstages, a residential component, abundant green space, restaurants, retail, a boutique hotel and creative office among others.
“Our objective was to identify an expert in the marketplace who possessed the requisite skill set to handle a unique adaptive reuse project,” said Maureen Meulen, partner at Atomic Entertainment. “Rainey’s combined expertise in both commercial real estate development and the arts and entertainment industry made her the obvious choice for our team, and we’re pleased to work with JLL’s new team of adaptive reuse experts to bring our vision for Pullman Yards to life.”
Throughout the years, Atlanta has continued to emerge as a hub for attracting developers and architects who foresee potential deep within the city’s historic structures, but private lenders long resisted investing in these local sites. However, the landscape changed with the revitalization of Ponce City Market in 2014 - Atlanta’s first major historic restoration project.
“About a decade ago, more developers adjusted their focus to include the preservation and revitalization of abandoned project sites. With so much existing building stock in Atlanta ripe for restoration, the establishment of a dedicated adaptive reuse team enables us to deliver the specialized knowledge needed to successfully restore these buildings while maintaining the city’s original character and historical integrity,” said Shane. “Breathing new life into an existing space is a challenging and rewarding experience, and I’m excited for the opportunity to lead this effort.”
With an established precedent of creating a strong return on investment, adaptive reuse is expected to emerge as a more viable and enduring alternative to new construction. In addition, adaptive reuse and ground-up shell construction costs can average the same per square-foot, but restoration allows for the opportunity to preserve the distinguishable, architectural elements that make a space unique.
“Today, traces of adaptive reuse can be found within every corner of Atlanta, and we are thrilled to officially extend Project and Development Services to include the adaptive reuse division,” said JLL Market Director Mike Sivewright. “Under Rainey’s leadership, we are confident that this team of experts will continue to deliver outstanding results for our clients. We are proud to have a team dedicated to preserving Atlanta’s original structures through our strategic restoration efforts.”
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 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.
