JLL’s retail group today announced repositioning plans for Ashford Lane, a 268,000-square-foot property located at 4500 Olde Perimeter Way in Atlanta’s Central Perimeter. JLL has been selected on behalf of the owner, CTO Realty Growth, Inc., to transform the property formerly known as Perimeter Place into Central Perimeter’s most unique mixed-use town center, combining shops, restaurants, offices, and residences around a walkable, central gathering place. 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,” said JohnAlbright, CTO Realty Growth’s President and CEO. “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 vibrant 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 large 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. Launched in 2017, The Hall introduces a full-service twist that uses new technology to enable full-menu table service, casual bar seating, and grab-and-go counter service. Designed to be an incubator, The Hall provides entrepreneurs with an opportunity to test new concepts and get market feedback. Set to open in Summer 2021, The Hall is well-suited for a quick breakfast, working lunch, or romantic dinner date.
“Central Perimeter is Atlanta’s most dynamic submarket,” says Morris. “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.”
Ashford Lane is centrally positioned within Atlanta’s fastest-growing office market and is in close proximity to several Fortune 500 companies, including Mercedes-Benz and State Farm. The property is located within a 10-minute walk to the Sandy Springs MARTA Station and boasts a daytime population of 364,375 within a five-mile radius. The initial phase is expected to be completed in Q1 2021, with the entire project set to deliver by the end of next year.
Throughout the project, the JLL team is able to pull from its extensive experience in repositioning retail properties across metro Atlanta, 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 applying his expertise to the project.
“The Central Perimeter submarket has everything, but we’re just adding some charm,” said Weatherholtz. “We’re replacing asphalt with a greenspace, 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.”
About JLL
JLL (NYSE: JLL) is a leading professional services firm specializing in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces, and sustainable real estate solutions for our clients, our people, and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries, and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name and a registered trademark of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About CTO Realty Growth, Inc.
CTO Realty Growth, Inc. (NYSE American: CTO) is a Florida-based publicly traded real estate company, which owns income properties comprised of approximately 2.4 million square feet in diversified markets in the United States and an approximately 23.5% interest in Alpine Income Property Trust, Inc., a publicly traded net lease real estate investment trust (NYSE: PINE).
