developer announces plans to add lifestyle complex to former Sears building | News

Former $17M Sears Adaptive Reuse Project Brings Food Hall, Wellness Shops and Creative Incubator to East Metro Atlanta

STONECREST, Ga., March 28, 2022 /PRNewswire-PRWeb/ –Stonecrest Resorts, a commercial real estate development company, today announced phase two plans to transform the former Sears building in the Stonecrest Mall into a family destination for entertainment and lifestyle. the $17 million The adaptive reuse project will be called Priví and will include a food hall with several upper-level entertainment concepts and a full-service health and wellness center, event hall and co-working space designed for creative industry professionals at the lower level.

Funding for the second phase of the project was settled 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 enhanced the mall’s offerings through our financial investment in the opening of SeaQuest,” said Vaughn D. Irons, director and developer of Stonecrest Resorts. “We were able to complete both phases of development with private funds and without asking taxpayers to fund this project,” Irons said.

“The development plan for this project is innovative and financially sound, so we had no hesitation in getting on board as shopping centers like Stonecrest will survive and thrive,” said Keith ThomasCEO of Private Capital Investors, one of two Californialenders based for the project with Socotra Capital. Partners of the Forum, a LondonA New York-based global real estate investment and asset management firm provided private capital for the project.

The 15.1-acre plot, which includes two buildings totaling 143,000 square feet, was purchased from the City of Stonecrest Urban Redevelopment Authority for $2.1 million in a sale concluded last October.

“This is Stonecrest URA’s first development and Stonecrest Resorts has delivered on its promise. Our City Government is looking forward to seeing more attractions like this across the city that are both safe and mutually beneficial for all.” residents and stakeholders of Stonecrest”, mentioned Jazzmin padchairman of the Stonecrest Urban Redevelopment Agency.

Upcoming renovations will introduce new lifestyle elements to the mall under the Priví brand name, which is a play on the word privilege and the term private. “Privi is designed to be a one-of-a-kind culinary, entertainment and tourism destination that will become the new gathering place for the East Metro Atlanta community and attract visitors from across the Southeast region,” says Irons, a Stonecrest resident since 2004. “We developed a project that responded to the community’s desire for elevated experiences, better dining options and top-notch customer service,” he added.

The building is 85% leased and the full list of tenants will be disclosed in future announcements. The project is separated into five lifestyle components:

Food and Beverage: A 50,000 square foot chef-led food hall featuring desirable and healthy food and beverage concepts, as well as restaurants and cocktail bars, will be the centerpiece of the project. The food hall will be organized and operated by Good Food & Company’s Hospitality Group. Good Food & Company is well known in Atlanta for concepts such as the Atlanta Breakfast Club, ABC Chicken & Waffles, Atlanta Breakfast Club at the City of Refuge, and most recently, Le Petit Marché. The Executive Chef and Chef Co-owner Anthony Sanders and co-owner Osiris Ballard have developed unique concepts that feature cuisines with global influences.

“We’ve been quietly working on this for a year, and as we became familiar with the demographics of East Metro Atlanta, we immediately embraced Stonecrest. We’ll be bringing some of our flagship restaurants combined with new concepts led by chefs and gastronomic options,” mentioned ballard. Some of the food and drink concepts coming to the food hall include Atlanta Breakfast Club, an upscale gourmet restaurant, a hip-hop themed karaoke concept, a rib and comedy joint, sushi, a wine bar and a market.

Retail: The experiential retail program will include a bookstore and bookstore with a cafe and homewares. A high-end men’s and women’s clothing and footwear store bringing more edgy fashion and tailored clothing to the mall’s current offerings. The store will feature fashion designers and stylists instead of the typical sales staff. Planning is also underway to include a large cigar store.

Health and Wellness: The health and wellness complex will consist of nine resort-style facilities, including a day spa for massages and facials, an infrared sauna studio, a vitamin medical institute, a mixed martial arts training and fitness, oxygen and juice bar, healthy food cafe and mental health and family therapy concept.

Meeting and workspace: A creative incubator workspace will provide opportunities for entrepreneurs, independent contractors, digital content developers and creative industry professionals such as filmmakers to accelerate their projects or growth of their business. The 18,000 square foot facility will include a coworking space with meeting rooms and private offices; a studio space for photography, podcasts and digital media productions; and a 6,000 square foot multi-purpose event and meeting space that will be the region’s largest secular meeting venue accommodating corporate trainings, weddings, banquets and other entertainment events. The site will support the hotels immediately surrounding the mall and attract more business to the Stonecrest submarket.

Family entertainment: Family entertainment offerings include SeaQuest, an ax throwing concept, a comedy room, an escape room, interactive golf simulators with a full range of play options, a multimedia art studio which offers splatter painting sessions, art classes and birthday parties.

When completed, the project will bring over 560 jobs to the local economy and generate new taxes for the town of Stonecrest and DeKalb County by bringing the exemption property back on the tax rolls. It will also support the Local Special Purpose Option Sales Tax (SPLOST) by attracting additional expenses that create an increase in sales taxes. Renovations are scheduled to begin in spring 2022, with the lower level expected to open in summer 2022. The upper level food hall will be completed in spring 2023.

For more information on the project, visit 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 dining facilities, with an emphasis on tourism services such as family entertainment, education and history, health and well-being and gathering spaces.

Media Contact

Camille CoakleyStonecrest Resorts, 1 470-593-0933, [email protected]

SOURCE Stonecrest Resorts

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