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Wednesday, January 16, 2013

Ponce City Market nixes condos, building 'extraordinarily high-quality' apartments (Update)

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As Jamestown Properties continues its $180 million transformation of Ponce City Market, the developer says the gargantuan mixed-use megacomplex will no longer include condominiums.

Curbed Atlanta reported this morning that the developer has shelved its initial plan and will now focus on rental properties. In a statement, Jamestown Properties said:

"Careful consideration of the market indicates that consumers are likely to continue facing difficulty obtaining financing to purchase condo units, nationwide, for the foreseeable future. We are currently building extraordinarily high-quality rental units, which we will consider converting to condominiums down the line."

Even with the changes, Jamestown Properties still expects Ponce City Market to be completed sometime in the spring of 2014. The AJC recently said that the developer plans to build 439 residential units, 460,000 square feet of office space, 230,00 square feet dedicated to retail stores. Also in the works: 50,000 square feet for restaurants and 75,000 of recreational space. Details regarding specific retail and restaurant tenants have yet to be announced.

CL has reached out to a Jamestown Properties spokeswoman for additional details. We'll post an update if we hear any more details. Jamestown Properties spokeswoman Meridith Ford added that Ponce City Market's leasing and marketing office is expected to open on June 1. The development, she says, will be "fashioned very much after their iconic New York property Chelsea Market." Ford also passed along new renderings to CL, which are posted after the jump.

In addition, Ponce City Market posted a brief update this morning regarding the interior construction of the "Market Hall" - complete with photos.

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