Vinings Jubilee Starts Final $1.3M Construction Phase

ATLANTA-After 18 years of strategic development phases, Paces Properties Inc. has broken ground on the final $1.3 million, 7,500-sf phase of Vinings Jubilee: Atlanta’s first Main Street-styled, open-air shopping center when it was built in 1985.

Paces confirms it has signed Ann Taylor Loft to a 6,000-sf lease but declines to disclose transaction terms. However, area brokers intimate with the suburban retail markets tell GlobeSt.com average asking rent at high-end retail properties such as Vinings Jubilee are in the $30 per-sf to $50 per-sf range. Area brokers estimate the tenant’s lease at 10 years. That would give the contract an estimated aggregate value of $1.8 million, if calculated at the $30-per-sf level.

The final phase is expected to be finished in June. Occupancy in the existing center is 98%. Among the tenants are retailers Talbots, Banana Republic, Chico’s, CVS Pharmacy and restaurants SoHo, La Paz and Mellow Mushroom.