North American Properties to Debut 1.2 MSF Phase II of Avalon in Alpharetta, Known as Boulevard East

by Katie Sloan

Alpharetta, Ga. — North American Properties (NAP) will officially debut Phase II of the 86-acre Avalon mixed-use development in Alpharetta, which is dubbed Boulevard East, on Thursday, April 13.

NAP sold the first phase of Avalon last summer to PGIM Real Estate, which will also acquire Boulevard East from NAP later this year. The 1.2 million-square-foot expansion will double the size of Avalon and feature upscale apartment residences, 20 new shops and restaurants, a new office building and the $112 million Hotel at Avalon and Alpharetta Conference Center, which will open next January and serve as the final component of the entire Avalon development.

The 225,000-square-foot office building, known as 8000 Avalon, is a co-development between Hines and Atlanta-based Cousins Properties. Microsoft signed a 43,000-square-foot lease last year to anchor the property. Combined with Avalon’s existing loft office space, the office portion is expected to house 1,000 employees.

Boulevard East’s multifamily component is known as Veranda at Avalon. The 276-unit apartment community is currently commanding an average $2.40 per square foot rental rate with monthly prices ranging from $1,525 to $4,884.

Boulevard East’s 88,000-square-foot, street-level retail component is leased to Brooks Brothers, Urban Outfitters, Scout & Molly’s, Levi’s, Williams-Sonoma, Hammer Made, Boogaloos, Lucky Brand, Pottery Barn, South Moon Under and Boardroom Salon for Men. The restaurants include Barleygarden Kitchen and Craft Bar, District III, Jeni’s Splendid Ice Creams, Chick-fil-A, Rumi’s Kitchen, MF Sushi, Brine Seafood Shack and a chef-driven restaurant at the hotel that will be revealed at the grand opening. Other components of Boulevard East include green space known as The Courtyard, a connection to the “Alpha Loop” and an additional 3,000 parking spaces.

— John Nelson

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