There's a lot on the ledger for Ponce City Market, Jamestown Properties's mixed-use vision for the brick behemoth previously known as City Hall East. It now appears, though, that previously anticipated condos ain't on that list. The real estate investment firm bought the 2.1 million square-foot facility — originally a Sears & Roebuck building — from the city in July 2011 for a ripe $27 million. Original plans released by the firm called for retail, restaurant and office space to be built alongside "loft-style condominiums and several hundred family residences for sale and rent." Plans have changed.
The latter is no longer a consideration, according to a statement Jamestown provided to Curbed Atlanta. "Careful consideration of the market indicates that consumers are likely to continue facing difficulty obtaining financing to purchase condo units, nationwide, for the foreseeable future," the statement said. "We are currently building extraordinarily high-quality rental units, which we will consider converting to condominiums down the line."
Despite the readjustment of priorities, a spokeswoman for Jamestown said the project remains on schedule for completion in the spring of 2014. She told Curbed Atlanta it's a bit too early to divulge possible retail and restaurant tenants, noting that the site's residential leasing and marketing center should open this spring with tours and information on units.
Jamestown is working with subsidiary Green Street Properties — "one of the nation's leading firms dedicated to building authentic urban places founded on an environmentally progressive principles" — on the renovation, which is slated to cost roughly $180 million.
— By Curbed Atlanta contributor Tyler Estep