Faison senior managing director Mike Cohn tells GlobeSt.com that the project cost is approximately $45 million and North Logan Commons is about 78% preleased. "The project is located in a part of Gwinnett County that is significantly underserved by retail," Cohn says. "This project will bring high-quality retail to complement the residential development in the area."
The project is expected to be completed in spring 2009. Committed tenants for the project include Lowe's Home Improvement, Best Buy, Dick's Sporting Goods, PetSmart and OfficeMax. An additional 68,000 sf of junior anchor and small shop space is expected to attract soft good retailers, service amenities and restaurants. One outparcel is still available for lease.
Faison also plans for South Logan Commons, a 350,000-sf power center on 41 acres across from North Logan Commons. A construction start date has not yet been determined, but the shopping center is expected to open in 2010.
North Logan Commons will serve a regional trade area that taps both Walton and Gwinnett counties, which are ranked as the 47th and 69th fastest growing counties in the US. By 2010, the trade area is expected to have more than 100,000 residents with an average household income of almost $90,000. The Atlanta Regional Commission expects Gwinnett County to lead Metro Atlanta in residential growth with predictions of its population surpassing both Cobb and Dekalb counties. Gwinnett County is expected to add 400,000 new residents by 2030 to become the second most populous county in Georgia behind Fulton County with a population of 989,000.
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