ATLANTA-Jamestown Properties has acquired the City Hall East, the historic Sears, Roebuck & Co. building, for $27 million from the city of Atlanta. Jamestown plans to restore the 2.1 million square-foot property and call the resulting mixed-use development Ponce City Market.

In total, Jamestown will invest $180 million into the project in partnership with Green Street Properties, its sustainable development subsidiary. When the restoration is complete, the now-dormant building will offer retail, dining, office space and residences in the heart of Atlanta.

"Ponce City Market will be a hub of commerce and community and a critical centerpiece for intown Atlanta," Matt Bronfman, managing director of Jamestown, said at an event announcing the plans. "We are committed to being good stewards of the building as it moves into the next era and becomes a part of Atlanta's urban landscape."