News List

Print
Press Enter to show all options, press Tab go to next option

Mayor Kasim Reed and New City Properties Break Ground on 725 Ponce

Post Date:12/14/2016 5:00 PM
Mayor Kasim Reed press release header

 Mayor’s Office of Communications
55 Trinity Avenue, Suite 2500 • Atlanta, Georgia 30303

Anne Torres, Director
404-330-6423, office
404-904-2618, cell
amtorres@atlantaga.gov

Jewanna Gaither, Deputy Press Secretary
404-330-6942, office
404-357-5829, cell
jgaither@atlantaga.gov

Thế giới cáFOR IMMEDIATE RELEASE: December 14, 2016

Thế giới cáNews Release

Thế giới cáMayor Kasim Reed and New City Properties Break Ground on 725 Ponce

New development will yield more than 3,500 jobs and a total economic impact of $268 million

ATLANTA – Mayor Kasim Reed joined New City Properties Founder and President Jim Irwin and Atlanta BeltLine Inc. President and Chief Executive Officer Paul Morris for the demolition of the former Kroger grocery store on Ponce de Leon Avenue and the groundbreaking of the new 725 Ponce development today. The new $188 million property, alongThế giới cá the Atlanta BeltLine's Eastside Trail, will bring an urban and modern 60,000 square foot Kroger store and approximately 360,000 square feet of mixed-use development to fruition. 

“We are proud to break ground on 725 Ponce, a development which promises to have a valuable and significant impact on the quality of life in this thriving neighborhood,” said Mayor Reed. “This new development will bring more than 2,000 construction jobs and approximately 1,550 permanent office and retail jobs, welcoming a new, diverse population who can enjoy all whatThế giới cá the community has to offer. I’m certain 725 Ponce will create the same kind of inclusive, urban energy we see every day on the Atlanta BeltLine and at Ponce City Market. I would like to thank Jim Irwin of New City for his company’s investments in 725 Ponce and commitment to Atlanta.”

The 725 Ponce tower includes approximately 350,000 square feet of office space and 10,000 square feet of retail space. In addition, the tower and new Kroger will be constructed on top of a three-story underground parking deck, which will fill a need for additional public parking near the Atlanta BeltLine, Ponce City Market and Old Fourth Ward Park.

Atlanta development firm New City Properties and The Kroger Co. reached an agreement to close the Kroger store in October 2016, following New City’s purchase of the last 5.5 acres of land needed to build the development. The property is expected to yield an estimated total economic development impact of $268 million.

New City was founded by Jim Irwin, who previously served as a Senior Vice President at Jamestown Properties and led the redevelopment of Ponce City Market.

“The 725 Ponce project is the largest investment in new construction on the Atlanta BeltLine to date and would not have happened without the vision of Mayor Kasim Reed,” said Jim Irwin, Founder and President of New City Properties. “I am incredibly grateful for his support and leadership."

In 2011, the City of Atlanta sold the former City Hall East to Jamestown Properties for $27 million. Jamestown Properties invested more than $300 million into the two million square-foot building, transforming the property into Ponce City Market, a mixed-used development with national and local retail anchors, restaurants, offices and residential units. Since that time, the area surrounding Ponce City Market and the Atlanta BeltLine Eastside Trail continues to experience economic development and revitalization.
###

For more information about the City of Atlanta, please visit http://everafterbox.com or watch City Channel 26. Follow the City of Atlanta on Facebook and Twitter . Follow Mayor Reed on Facebook and Twitter

Return to full list >>
View Full Site