ALPHARETTA, Ga. — Premier mixed-use development Avalon celebrated its 10th anniversary in October, and its developer marked the milestone by listing numerous economic benefits.
The 86-acre development has attracted more than 65 million visitors and $3 billion in sales over the past decade, according to a report issued by Avalon developer North American Properties. It also created 4,000 jobs.
Jamestown, a global real estate investment and management company, has acquired the Atlanta subsidiary of North American Properties, Inc., co-founded and led by Mark Toro. The acquisition was completed on October 30th.
Toro Development is currently working on Medley, a significant 42-acre mixed-use development in Johns Creek planned for Johns Creek Town Center.
The report states that the overall growth of the Alpharetta market over the past decade has been at least partially driven by the “Avalon Effect,” which includes an increase in the number of housing units and households and a 49 percent increase in total property appraised value. It states that this includes an increase in
Avalon also achieved several firsts for Alpharetta, the state and the region.
Avalon has introduced Alpharetta’s first outdoor ice skating rink, pop-up bar experience and boutique hotel, according to the report.
Avalon is also the state’s first high-speed internet community and open container mixed-use development, the report states. Avalon also brought the first autonomous food delivery robot to Georgia through Chick-fil-A.
The report also cites Avalon as the South’s first “urban burb,” a walkable urban experience in a suburban setting, and says it is the first suburban mixed-use development to feature a chef-driven restaurant lineup.
Toro is trying to do the same with the medley.
— amber perry
