Iconic Structure in Atlanta Realizes New Life
Ponce City Market will bring new offices, retail space, restaurants and apartments to the Old Fourth Ward.
For the past three years, thousands of Atlantans have been driving past an empty and somewhat dilapidated two-million-square-foot brick structure that once housed an amusement park, then a Sears & Roebuck distribution center and later Atlanta City Hall East. The foreboding building on Ponce de Leon in the heart of the Old Fourth Ward is the largest of its kind in the Southeast and is now under development with Jamestown Properties to become a mixed-use space housing offices, retail and dining options as well as 240 “finely appointed” apartment homes.
Jamestown is best known for transforming a depressed food-manufacturing plant into what is now known as the Chelsea Market in Manhattan; they purchased the behemoth for $27 million. They’ve committed close to $200 million toward renovations that beautify and refurbish not only the inside, but also the surrounding green space known as the city’s Beltline.
Now known as Ponce City Market, the development has been approved for the Georgia Opportunity Zone. This means that companies (both retail and office) are eligible for an income tax credit of $3,500 for each new job they create over two employees. This opportunity is good for up to five years.
Ponce City Market expects to cut its ribbon in the spring of 2014 though tours of the site are available now.