Paces Properties in late October closed on several adjacent parcels in Inman Park near the Beltline, including: the Stove Works, the vibrant dining and office complex; Tyler Perry's old 66,000 square-foot studio at the intersection of Krog Street and Lake Avenue; and several smaller adjacent parcels. According to commercial real-estate research firm Databank, Paces paid $13.4 million for the combined nine acres.
"We want to build an epicurean center," Paces Properties CEO David Cochran tells CL in a phone interview.
The development's design will incorporate the old brick building that housed half of Perry's production company. A metal building that was also part of the filmmaker's compound will be demolished and, in a second phase, replaced with 50 apartments. "This is place-making design," he says. "We are going to build an area. We want to make this a hub for that community."
More than one-third of the 30,000 square-foot development, Cochran says, will be a market that will feature "anywhere from eight to 15 market stalls ranging from 2,500 to 1,000 square feet where local operators can sell their wares. Anyone from the florist, baker, to candlestick maker. It's a true market. There are some in Atlanta but we feel like it's an opportunity to truly do it in the same vein as the markets you see on the west coast." The rest will be restaurants and retailers.
The proposal has received the Atlanta Urban Design Commission's seal of approval. Once appropriate permits are granted, construction could begin in a few weeks. Some tenants could start building out their spaces as soon as this summer and open soon after, depending on the size and space.
The firm's plans for the Stove Works are still undecided, Cochran says. He says their vision for the award-winning complex, which includes Krog Bar, Rathbun's, and sleek offices and is 99 percent occupied, will become more clear once Krog Street Market is up and running - "[the market] is going to change everything, like dropping a pebble in the pool and watching the waves," he says.
Much will also depend on how the area changes when the Edgewood Avenue bridge has been replaced. Once that project is complete, Beltline officials will be able to extend the Eastside Trail all the way to DeKalb Avenue. Cochran thinks Paces will try to capitalize on the path. Among the possibilities: renovating the complex, which currently backs up to the trail, so it would "face" the Beltline.
Cochran thinks the concept is a good fit for Inman Park because the neighborhood is a dining hotspot and has a strong sense of community.
"We truly believe in Inman Park," he says. "It's a phenomenal market, group of people, and community. It has a huge knowledge base of food. They have a discerning taste down there. We are very excited about bringing these offerings to the neighborhood."
More renderings and site plans are available below.
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