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The Block at Phipps. Image courtesy of Selig Enterprises
Selig Enterprises has announced plans for the rebranding and reimagining of Lenox Marketplace, an approximately 450,000-square-foot retail center in Atlanta’s tony Buckhead neighborhood. The property, now donned The Block at Phipps, will undergo a series of capital improvements conceived to transform the asset into a dynamic, pedestrian-friendly locale.
Sited on just over 9 acres in a premier spot along Peachtree Road in one of the most well-traveled retail corridors in the Southeast region, the former Lenox Marketplace first opened its doors in 1999. The multi-level property, which spans a full city block, has since been a favorite and today boasts a strong lineup that includes such anchors as a Publix supermarket. Of the approximately 430,000 square feet of leasable space, only 37,500 square feet is currently untenanted, according to CommercialCafe.com
New incarnation
Selig’s concept for The Block will include the execution of a merchandising plan, but that is just for starters. The company has tapped design/build firm ASD/SKY to provide architecture and environmental design services that will support the transformation of Lenox Marketplace into The Block.
ASD/SKY, tasked with creating a walkable and vibrant destination, has developed a concept that will involve the addition of a 30-foot, open-air corridor linking the parking deck to the sidewalk. The passage, designed to resemble a European alleyway, will feature seating areas and landscaping. The re-envisioning endeavor also calls for subjecting the property’s façade and sidewalks to upgrades that will yield a community-friendly area with landscaping and programming.
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Selig’s announcement of its vision for The Block came just two years after the company and joint venture partner State Teachers Retirement System of Ohio acquired the retail property from EDENS in a transaction valued at approximately $73.9 million. At the time of the acquisition, Steve Selig, chairman & CEO of Selig Enterprises, remarked in a prepared statement that the company welcomed the opportunity to enhance this asset in order to attract the right tenants that best serve this community.
Retail sizzles in Atlanta
Selig’s plans for The Block are timely, as the Greater Atlanta area’s retail sector is performing very well and the numbers tell the story. Metropolitan Atlanta logged record-high positive net absorption totaling nearly 2.8 million square feet in 2022, according to a fourth quarter 2022 report by Cushman & Wakefield, and experienced its lowest-ever vacancy rate, at just 3.5 percent.
Retail real estate in Buckhead is seeing even greater success than that of the overall Atlanta market. Buckhead closed 2022 with a retail vacancy of just 1.8 percent, according to the Cushman & Wakefield report, the lowest vacancy rate recorded among the metro’s 12 submarkets. The repositioning of retail couldn’t come at a better time.
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