The New York Life Insurance Company has hired Trademark Property Company to manage and redevelop the 1.3 million-sq.-ft. North Point Mall in Alpharetta, Ga. The once-dominant super-regional had fallen on hard times and owner Brookfield Property transferred the deed to its lender, New York Life.
Fort Worth-based Trademark aims to transform North Point-- one of the largest malls in America when Homart Development opened it in 1993—into a mixed-use property, putting into play a redevelopment plan hatched two years ago.
North Point, with more than 125 tenants including H&M, Von Maur, Cheesecake Factory, and an AMC Imax theater, has been met with solid competition in recent years. North American Properties’ Avalon mixed-use center (CSA’sNo. 3 Top Retail Center Experience in 2019) and The Georgetown Company’s Halcyon (CSA'sNo. 3 Comeback Center in 2020) have set a new tone in Georgia’s Forsyth County with green spaces, events, and trendy dining options.
As a result, in February of 2019, the Alpharetta City Council approved plans for a new 83-acre mixed-use development on the northeast side of the mall, featuring apartments, restaurants, new retail areas, small parks and trails, a rock wall, a play fountain, and a lake. An expanded playground inside the mall was also mentioned in the original plans.
“Mixed-use and retail repositioning is clearly the path to long-term sustainability moving forward,” said Trademark executive VP Jeff Johnson. “We are excited to work with the city, tenants, and other stakeholders in transforming North Point for long-term success. This is truly a top regional location for a variety of uses.”
Other redevelopment projects managed by Trademark include Rice Village in Houston, Zona Rosa in Kansas City, and Annapolis Town Center in Annapolis, Md.