Power Breakfast: New game plan for old Sears building, Atlanta schools, NCR deal, Atlantic Station, Georgia Power

Will the latest plan for the old Sears building work?

The new owners of City Hall East, a historic structure near Midtown, are planning an organic garden, a “green” roof top and a foodie market akin to the Ferry Building in San Francisco or Pike Place Market in Seattle, AJC writer Rachel Tobin reports.

They also plan to shed the names the building has been called, as far back as 1926, to rebrand it as Ponce City Market, Tobin writes.

Plans call for hundreds of residential units, 2,000 internal parking spaces, loft-style, upscale offices, retailers — possibly national chains — and a foodie destination with “farm to table” vendors and local restaurants, Tobin reports. The North Avenue side of the building could have an organic farm to supply the market.

Still, no new tenants were announced Monday when Mayor Kasim Reed and executives with Jamestown Properties celebrated the long-awaited sale at a news conference atop the brick building, Tobin writes.

Nonetheless, if everything comes to pass, it will be a big change for the hulking building that for years sat mostly empty along one of Atlanta’s busiest arteries, Ponce de Leon Avenue, Tobin writes. Jamestown is paying Atlanta $27 million to buy the building and plans to spend $180 million redeveloping it for an early 2014 reopening.

The giant structure was built in 1926 as a Sears, Roebuck & Co. department store and was expanded to 2 million square feet for a mail order warehouse and offices, Tobin  writes.

Also in the AJC:

In other media:

- Henry Unger, The Biz Beat

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4 comments Add your comment

MARTA Rida

July 12th, 2011
8:22 am

The plan sounds great and will be a great addition to the area. It will provide a great catalyst for the BeltLine that runs along the eastern border of the property.

Mishap

July 12th, 2011
11:36 am

So M&A is rarely good when both companies are based here since any redundancies designed to create “synergies” will mean layoffs somewhere. Given the fine state of GA paid $100M+ to bring precious NCR jobs here can we ask for a refund on every single job laid off from Radiant?

Also, who finances a deal w/ 90%+ debt these days? I thought all corporate coffers were chock full of cash on the sidelines. It is a bit funny to see NCR have to spend 1/3 of its total market cap to acquire a competitor 1/15 its size. I wonder what the interest payments are on $1B of debt when the company nets $130M/yr and the CEO is sucking down 10% of that for himself.

Deedra

July 12th, 2011
1:10 pm

“…akin to the Ferry Building in San Francisco or Pike Place Market in Seattle,…”

Regrettably Atlanta is not San Francisco or Seattle.

Residents of those two lovely cities don’t send their kids to cheater infested public schools, get filthy water when they turn on the tap, or run the same risk of being stabbed or shot by a crack addicted homey every time they step outside. Atlanta is more on par with Newark and Detroit.

loose change

July 13th, 2011
3:46 am

another big waste of taxpayer millions—to line the pockets of crooked politicians.