Sears’ $17M Adaptive Reuse Project Brings Food Hall, Wellness Boutiques and Creatives Incubator to East Metro Atlanta
STONCREST, Ga., March 28, 2022 /PRNewswire-PRWeb/ –Stonecrest Resorts, a commercial real estate development company, today announced Phase 2 plans to transform the former Sears Building at The Mall at Stonecrest into a family entertainment and lifestyle destination. the 17 million dollars The adaptive reuse project will be called Priví and will include a food hall with multiple entertainment concepts on the upper level, and a health and wellness center, event facility and full-service co-working space for creative industry professionals on the lower level.
Funding for the second phase of the project was agreed last week, with pre-development already underway. The first development phase of the project was the opening of the SeaQuest Interactive Aquarium in November 2021.
“We have already expanded the mall’s offerings with our financial investment in opening SeaQuest,” he said Vaughn D. Eisen, Director and Developer of Stonecrest Resorts. “We were able to complete both phases of development with private dollars and without asking taxpayers to fund this project,” Irons said.
“The development plan for this project is innovative and financially strong, so we didn’t hesitate to get on board because malls like Stonecrest will survive and thrive,” he said Keith ThomasCEO of Private Capital Investors, one of the two California-based lenders for the project along with Socotra Capital. Forum partner, a London-based global real estate investment and asset management firm provided private equity for the project.
The 15.1-acre lot, which includes two buildings totaling 143,000 square feet, was acquired by the City of Stonecrest Urban Redevelopment Authority for $2.1 million in a sale that closed last October.
“This is Stonecrest URA’s first development project and Stonecrest Resorts have delivered on their promises. Our City Council looks forward to seeing more attractions like these throughout the city that are both safe and beneficial to all Stonecrest residents and stakeholders.” Jazzmin CobbleChairman of the Stonecrest Urban Redevelopment Agency.
The upcoming renovations will introduce new lifestyle elements to the mall under the brand name Priví, which is a play on the word Privilege and the term Privy. “Privi is conceived as a unique dining, entertainment and tourism destination that will emerge as the new meeting place for the East Metro Atlanta community, attracting visitors from across the Southeast region,” said Irons, a Stonecrest resident since 2004. “We developed a project that meets the community’s desire for elevated experiences, better dining options and superior customer service,” he added.
The building is 85% occupied and the full list of tenants will be provided in future announcements. The project is divided into five lifestyle components:
Food & Beverage: A 50,000 square foot chef-led food hall featuring desirable and healthy food and beverage concepts, as well as sit-down restaurants and cocktail bars will be the centerpiece of the project. The Food Hall is curated and operated by Good Food & Company’s Hospitality Group. Good Food & Company is known in Atlanta for concepts such as the Atlanta Breakfast Club, ABC Chicken & Waffles, the Atlanta Breakfast Club in the City of Refuge and most recently Le Petit Marche. The chef and co-owner chef Anthony Sanders and co-owner Osiris Ballard have developed unique concepts that incorporate kitchens with global influences.
“We worked quietly on this for a year, and once we got to grips with East Metro Atlanta’s demographics, we immediately chose Stonecrest. ” called Ballard. Some of the Food & Beverage concepts coming to the Food Hall include the Atlanta Breakfast Club, an upscale fine-dining restaurant, a hip-hop-themed karaoke concept, a rib and comedy joint, sushi, and a wine bar and a Market.
Retail: The experiential retail program includes a music and book store with a café and homewares. An upscale men’s and women’s clothing and footwear store that expands the mall’s current offering with more cutting-edge fashion and tailored clothing. The store will feature fashion designers and stylists instead of typical sales staff. A cigar shop is also planned.
Health & Wellness: The health and wellness complex will feature nine resort-style facilities, including a day spa for massages and facials, an infrared sauna studio, a medical institute for vitamin therapy, a mixed martial arts training and fitness center, an oxygen and juice bar, a healthy eating cafe and a mental health and family therapy concept.
Meeting & Work Space: A creative incubator workspace offers entrepreneurs, solopreneurs, digital content developers and creative industry professionals such as filmmakers the opportunity to accelerate their projects or business growth. The 18,000 square foot facility will include a co-working space with meeting rooms and private offices; Studio space for photography, podcasts and digital media productions; and a 6,000 square foot multipurpose event and meeting space that will be the largest secular convention venue in the area and will host corporate training, weddings, banquets and other entertainment events. The venue will support the hotels in the immediate vicinity of the mall and attract more activity to the Stonecrest submarket.
Family Entertainment: Family entertainment includes SeaQuest, an ax throwing concept, a comedy venue, an escape room, interactive golf simulators with a variety of game options, a multimedia art studio offering splatter painting sessions, art classes and birthday parties.
Upon completion, the project will create more than 560 jobs for the local economy and generate new taxes for the City of Stonecrest DeKalb County by returning the property from the exemption to the tax lists. It will also support the Special Purpose Local Option Sales Tax (SPLOST) by attracting additional spending that will result in an increase in sales taxes. Renovation work is scheduled to begin in spring 2022, with a planned opening of the basement in summer 2022. The food hall on the upper floor will be completed by spring 2023.
More information about the project can be found at http://www.StonecrestResorts.com.
Stonecrest Resorts, LLC
Stonecrest Resorts is a limited liability commercial real estate development company engaged in the development of retail, entertainment and hospitality facilities with a focus on tourism services such as family entertainment, education and history, health and wellness and meeting spaces.
Camille CookleyStonecrest Resorts, 1 470-593-0933, [email protected]
SOURCE Stonecrest Resorts