On Wednesday, Alpharetta’s mixed-use Avalon—arguably the city’s marquee destination—will celebrate its fifth birthday, and the swanky, billion-dollar development is toasting the big anniversary by welcoming a few new tenants.
But the introduction of fashion and styling company EVEREVE, as well as a CHANEL Fragrance and Beauté boutique, Posman Books’ store prototype, and, soon, True Food Kitchen and Altar’d State, aren’t the only reasons Avalon deserves recognition.
Since its rambunctious 2014 debut, Avalon has created 4,500 jobs, helped jack up nearby property values, and, according to developer North American Properties, “influenced surrounding commercial investment and generated $17 million in annual tax revenue,” according to a press release.
The upscale destination has also hosted about 1,000 events and raised more than $500,000 for charity.
But Avalon’s most notable impact might be off-campus.
Earlier this month, a RENTCafé study found that Alpharetta’s 30009 zip code, which includes Avalon and the North Fulton city’s growing downtown district, has the highest average rents in Georgia, at $2,272 monthly.
Plus, the project seems to have set the bar for urban-style suburban mixed-use developments to follow near and far.
In Forsyth County, for instance, Halcyon, which began opening just last month, appears to take quite a few pages from the Avalon playbook.
The 135-acre mini-city, much like its Alpharetta neighbor, features upscale restaurant and retail options, and it’s slated to one day house two hotels, about 700 residences, and the county’s first dine-in movie theater.
Also developed by North American Properties, Gwinnett County’s Revel is following in Avalon’s footsteps, too, promising $900 million worth of luxury live-work-play space.
Avalon’s influence has also crossed state lines, according to NAP representatives.
An Oklahoma City developer toured Avalon last year and said he aims to incorporate elements from the Georgia development into a project of his own, News 9 reported.
A developer from Salem, New Hampshire was similarly inspired, according to the New Hampshire Union Leader.
And Avalon’s not done growing, either.
The last piece of the puzzle, a 10-story office stack called 10000 Avalon, is on track to welcome tenants early next year.