Brian Vanderhoff's North Fulton Real Estate Blog

The City of Alpharetta has indefinitely suspended its downtown redevelopment project known as Alpharetta City Center.

“The changing economic climate and other variables have significantly altered the City Center Project,” stated Alpharetta Mayor Arthur Letchas. “While we do believe that Alpharetta City Center will in the future be a viable project that provides mutual benefits to the citizens of Alpharetta, the City, and the private sector, that viability cannot be realized as things now stand.”
Alpharetta officials met with Al Holbrook, principal of Solomon Holdings, the developer that was selected as the City’s partner on the project, to discuss the situation. After the meeting, Holbrook indicated his agreement with the decision. “Solomon is in agreement that the City Center project should be placed on hold due to economic conditions and the timing of the marketplace today,” Holbrook stated.

Following a series of public information meetings on the project, Alpharetta City Council agreed in April to continue consideration of the project. In preparation for a possible August vote to place a bond referendum on the November ballot, they directed staff to prepare additional traffic studies, an updated commercial market analysis, and a revised financial feasibility analysis. Staff was also directed to negotiate key terms of the business relationship between the City and Solomon Holdings.

It was those negotiations that brought, at least for now, a halt to the project.
“The City’s original intent was to identify and secure a development partner who could bring experience and equity to bear on the project to create a mutually beneficial business relationship, Letchas explained.” It is now apparent that, due to factors beyond the control of the City of Alpharetta or Solomon Holdings, that intent cannot be realized at this time.”

City officials were quick to indicate that the decision is not an indication of a lack of commitment to the future of Downtown Alpharetta or of any dissatisfaction with Solomon Holdings or Holbrook. “This decision is a factor of the current economy,” Letchas stated. “It is simply a result of where the market is right now.”

When asked if his Alpharetta-based company would consider issuing a new proposal if the City revisits the project in the future, Holbrook said, “We believe that this development is critical to the future progress and long-term success of the city; therefore, we will continue to champion its final positive outcome.”

“Projects like this are complex, involving a lot of variables that have to align for a deal to work,” says Letchas. “The timing has to be right for that to happen. I have no doubt that the time for City Center will come.”

Labels: city center, city of alpharetta, Downtown Alpharetta, postponed

The core of Alpharetta is scheduled to have to a facelift, but before work begins, residents and business-owners will be allowed a peek at what the final result could be.

The latest update to the $67 million project will be unveiled Thursday at 7 p.m. at Alpharetta City Hall. Similar presentations and opportunities for public reaction are set periodically through the end of March.

Planners say the latest version of the City Center could include a public library in the 9-acre project around City Hall downtown. The plans call for a 5-plus acre park, a town green, 100,000 square feet of retail, restaurant and office space, a new 50,000-square-foot City Hall, and a 400-space parking garage.

About $25 million would from general obligation bonds with the remainder would come from private development and the county library system.

Before 1993, downtown had flooding problems, few sidewalks, and no lighting.

Since then, the city has invested in parking lots, a pocket park, a detention pond for the flooding, buried utility lines and added lighting, and sidewalks.

City officials want to partner with a private firm to revitalize downtown. The city has had a couple of partnerships that have collapsed, but on April 7, the city selected Solomon Holdings as its new associate.

Other dates for reviewing the new plans are:

Monday, March 9

Thursday, March 26

Monday, March 30

Labels: Alpharetta, alpharetta city hall, city center, sneak peak

Plans for the long-awaited City Center project has undergone changes in the years since it was first proposed, so City Council is asking for public input on four evenings, starting Thursday night.

The project in Historic Downtown Alpharetta was intended to start with retail buildings topped with offices and condos above first floor retail in a building surrounding a parking garage. But the loss of planned Tax Allocation District funds changed the economic viability of the project. The economy did the rest.

Now council proposes starting the project with a new City Hall as phase one instead. The project still includes a town green area.

Each of the four sessions will feature an open house beginning at 7 p.m. with a formal presentation at 7:30 p.m. After the March 30 session, a special meeting of City Council will immediately follow.

Public input
Four public sessions will be held by the city on the Alpharetta City Center project. Each will feature an open house, followed by a formal presentation.
7 p.m.: Open house
7:30 p.m.: Formal presentation
Thursday, Feb. 26
Monday, March 9
Thursday, March 26
Monday, March 30 (Special council meeting immediately follows)

Labels: Alpharetta, city center, historic downtown alpharetta, public input