Real Estate Notes: Julio Jones’ Mall of Georgia mixed-use development gets scaled back – Atlanta Business Chronicle

Atlanta Business Chronicle

Falcons star receiver Julio Jones is calling an audible on a planned 16-acre, $180 million mixed-use development that he’s involved with next to Gwinnett County’s Mall of Georgia.

The project known as “Ariston” would rise at Mall of Georgia and Woodward Crossing boulevards. Originally, it was going to feature a 21-story hotel, hundreds of apartments, retail, office space and a grocery store.

The blueprint for the project will be altered significantly, according to a letter from the project’s attorneys to Gwinnett County.

For example, two years ago the site was rezoned for 541 apartments. That number would now be reduced to no more than 285, according to new plans.

The 21-story hotel would now be just four stories.

The former density is reduced, too. The original site plan provided for more than 2,000 parking spaces in decks spread across the development. However, the project will now feature traditional surface parking.

The “letter of intent for a change conditions” was submitted on behalf of Ariston Group LLC.

The project would still “maintain the original sense of place and energetic, urban environment of the original mixed-use proposal” and provide “pedestrian connectivity” to amenities such as the mall and Ivy Creek Greenway, according to the letter.

In 2015, Jones, the former University of Alabama standout and one of the top receivers in the NFL, became a financial partner in the project. Ivy Creek Partners LLC has been providing real estate services for the development.

Toll Bros. assembles more sites

Two years after announcing it was entering the Atlanta apartment market, home building giant Toll Brothers Inc. has assembled multiple sites in West Midtown for its second multifamily project.

The Horsham, Penn., company, which operates an apartment division called Toll Brothers Apartment Living, has purchased multiple sites this month at 748 10th Street, 954 Howell Mill Road and 962 Howell Mill Road, according to Fulton County property records.

Toll Brothers (NYSE: TOL) has paid just under $10 million to acquire the properties.

The transactions suggest the company is closer to moving forward with a more than 300-unit apartment project it first disclosed last year.

Toll Brothers filed plans with the city of Atlanta to rezone the sites at Howell Mill and 10th for development. The apartment project was expected to include 324 units and up to 17,000 square feet of retail, according to the rezoning.

Over the past decade, the area of West Midtown along Howell Mill has transformed into an Atlanta foodie hotspot, with many of the city’s most popular restaurants and coffee shops including The Optimist, Octane and Cooks & Soldiers.

It’s the second prime location Toll Brothers has seized for development inside the Atlanta Perimeter. Earlier this spring, the company said it was starting work on a 348-unit apartment building in Brookhaven, where Emory University and Children’s Healthcare of Atlanta are expanding their campuses.

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