Iconic Atlanta mixed-use property to be transformed into an open-air development.
Houston-based Lionstone Investments (Lionstone) and North American Properties (NAP) closed on the acquisition of Colony Square in Midtown Atlanta this week.
NAP, known in Atlanta for the successful turnaround of Atlantic Station and ground up development of Avalon, plans to take the roof off the retail core of Colony Square and connect it to the street, transforming it into a walkable, open-air experience where Atlantans will gather and spend time.
“Over the decades, the Midtown neighborhood around Colony Square flourished while the iconic building became sleepy and tired,” said Mark Toro, Managing Partner of NAP. “On July 4, 2018, the 50th anniversary of Colony Square’s groundbreaking, we will celebrate the grand opening of the reimagined Colony Square. We will engage with the city, with the street and with pedestrians, and it will fundamentally change the experience of living and working in Midtown Atlanta.”
Constructed in the late 1960s as the Southeast’s first mixed-use development, Colony Square comprises two office towers totaling 719,402 square feet, 162,953 square feet of retail space, as well as residential condos and a 467-room hotel. NAP and Lionstone acquired the office towers and retail space that connects them.
Colony Square is situated at Peachtree & 14th streets in Midtown Atlanta, the highest density intersection in the Southeast, often referred to as “Main and Main, Atlanta, Georgia.” As part of the new vision, the team will introduce restaurants and shops that are relevant and exciting to the Midtown consumer.
Before any concrete plans are put in place, the team is seeking feedback both from the community and from experts in urban planning such as Jeff Speck, author of Walkable City, and Fred Kent, founder and president of Project for Public Spaces. NAP is asking people to share ideas for Colony Square with the hashtag #ReimagineCS.
While the team develops long-term transformational plans, expect to see the NAP “experiential” approach immediately. Guests, residents and office tenants will be surprised and delighted by touches inspired by Georgia’s growing film industry, including the showing of holiday movies on an outdoor screen. NAP is also partnering with Midtown Alliance to “adopt” the nearby Arts District Plaza, where they will stage events for Colony Square tenants and the greater Midtown community.
The project also aligns with Lionstone’s philosophy of researching and targeting the most productive areas of the U.S. and delivering the essential product and amenities those tenants and industries desire.
"We are extremely pleased to have Colony Square as the second investment in our new value add fund,” said Tom Paterson, Senior Vice President and Portfolio Manager at Lionstone Investments. “We look forward to working with NAP to re-engage the project to the street level and provide a truly differentiated use environment in Midtown. Our goal is to create something that is truly irreplaceable at the corner of 14th and Peachtree.”
Toro added, “As with our other mixed-use projects, we will curate the right tenant mix, layer in resort-inspired hospitality and exceptional experiences, to significantly and positively impact the value of the development. Our first step is to listen to the community stakeholders and guests as they are integral to the transformation. We look forward to premiering Colony Square – the Sequel.”
About Lionstone Investments
Founded in 2001, Lionstone Investments is a privately owned real estate investment firm that specializes in conceptualizing and executing national investment strategies based on proprietary data interpretation and ideas. Each Lionstone real estate strategy is implemented by a dedicated team with both discretionary and non-discretionary capital, providing maximum flexibility for investing partners and fund managers to grow value. The firm focuses on Core, Value-Add, and Opportunistic Investments. For more information, please visit lionstoneinvestments.com.
About North American Properties
Founded in 1954, North American Properties is a privately held, multi-regional real estate operating company that has acquired, developed and managed more than $5 billion of mixed-use, retail, multifamily and office properties across the United States. Headquartered in Cincinnati, with offices in Atlanta, Dallas and Fort Myers, Florida, the company has developed 19 million square feet of retail and 17,000 apartment units in 12 states. In the past three years, North American Properties has launched 36 projects totaling $1.1 billion in total capitalization. In Atlanta, North American Properties owns Avalon, Colony Square and Anthem on Ashley. For more information, please visit naproperties.com.