Jamestown Properties’ Ponce City Market has consistently made headlines since the redevelopment project began about two years ago. The former Sears warehouse building was converted into a massive mixed-use development in hopes of bringing new life to the South’s largest brick structure. Jamestown spent almost $200 million in hopes of drawing renewed interest to the long-suffering property, which was being used for Atlanta City Hall offices at the time of purchase. Since that time, major players like MailChimp, Cardlytics, and athenahealth have relocated their headquarters to the development, which is also attracting attention from various retailers and restaurants.
What Jamestown did with Ponce City Market is a great example of the “urban reawakening” happening in cities across the country. Millions of people left major cities for nearby suburbs through the 70s, 80s, and 90s in search for more space, better schools, and a slower pace of life; this left parts of many urban cities rundown and used-up. In the 00s, developers began to see to potential is these older areas and in older assets and began to invest money in renovating them into creative and contemporary spaces. While the recession certainly slowed this trend, it has shown renewed strength in the past several years. In almost all major cities, warehouses are being converted to lofts, dump sites are being turned into parks, and parking lots are being converted into office towers. Ponce City Market is a great example of this kind of redevelopment project; Jamestown took a run-down, struggling asset and turned it into a new center of life and activity for the Old Fourth Ward.Share