The Gwinnett County Board of Commissioners approved Tuesday the Urban Redevelopment Agency of Gwinnett County’s purchase of the Macy’s sites at Gwinnett Place Mall.
In total, the purchase will be for 23 acres for $16.5 million. The board also approved the insurance bonds to fund the purchase through its Urban Redevelopment Agency.
The Agency will acquire 293,059 square feet of retail buildings on the Gwinnett Place Mall site, which will include the Macy’s department store and Macy’s furniture store. The space will be leased back to Macy’s to continue store operations until early 2025. The Urban Redevelopment Agency of Gwinnett County Previously purchased a 39-ancre portion of the mall site in 2021. In total, the agency will own 76 acres.
The County conducted two public input studies to identify the community’s needs for the redevelopment of the mall site and surrounding area, according to a release.
The Equitable Redevelopment Plan was informed by eight months of community engagement with direct input from more than 2,000 Gwinnett residents. The study aimed to identify five key areas for preservation and growth in the county, including housing,small businesses, cultural activity centers, neighborhood services and jobs.
The Gwinnett Place Mall Site Revitalization Strategy was a combined effort between Gwinnett County, the Gwinnett Place CID and the Atlanta Regional Commission. A market analysis and surveys of 6,000 community members led to a transformational concept called the Global Villages, which envisions housing, an international community cultural center, office space and retail oriented around a central park.
The redevelopment of the Gwinnett Place Mall aligns with the goals of the county’s 2045 Unified Plan, which aims to foster inclusive and equitable economic growth within Gwinnett.
“The acquisition of the Macy's site marks a pivotal step forward in the redevelopment of Gwinnett Place Mall, setting the stage for Gwinnett County to establish a national – and possibly international – model for equitable and impactful transformation,” Gwinnett County Chairwoman Nicole Love Hendrickson said in a release. “This redevelopment will be a catalyst for change, creating transformative opportunities that enhance property values, align with neighboring investments, and drive growth for a new generation of entrepreneurs, residents, and local businesses."
Gwinnett County partnered with international real estate services firm CBRE in March 2024 to refine the plans for the redevelopment process.
“The County has done a masterful job thinking about the future of Gwinnett residents in its planning for the redevelopment,” Lee Ann Korst, Senior Vice President with CBRE’s Public Institutions and Education Solutions practice, said. “They are forward thinking about using the underutilized site as a catalyst and to the benefit of the surrounding community and taxpayers.”
The purchase of the Macy’s site at the Gwinnett Place May is slated to close in November. The county reportedly anticipates a search for a development partner to open up by the first quarter of 2025.
http://accesswdun.com/article/2024/9/1263048/gwinnett-commissioners-approves-purchase-of-macys-sites-at-gwinnett-place-mall