Midtown Atlanta: Fancy

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and , partners in 12th & Midtownn on Peachtree, and Jamestown, the developer reshapintg 999 Peachtree, continue to chase and a new prospect, Dick’sa Sporting Goods, sources familiar with the market say. CB2, an offshoot of home furnishings chain geared towarxGeneration Y, also recently confirmed to Atlanta Business Chronicle that it’a considering whether to enter the Atlanta Selig and Daniel have been trying to land the CB2 is interested in West Midtownb as well, sources said. The focu s on frugal rather than fancy comes asthe high-end marketr continues to sputter, with some analystss saying it may not begin to recovef until 2011.
As Midtown real estate developers have tried to line Peachtreer with new storefronts in the pasttwo years, the effory has included the pursuit of luxury clothinhg designer Tom Ford, whose flagship store is on Madison Avenue; Prada, famous for opulent handbags and sunglasses; and , also know for its high-end accessories. In recent years, Selig Enterprisezs said it wanted luxury retailers and flagship stores to locate in Midtown. However, many of those retailers have shelveds plans fornew locations, as affluent shopper s curtailed spending. Lately, , which has also been a prospect for says it has no new store conceptzs plannedfor Atlanta.
Any talk of an additional Nike locatiohn in Atlanta is nothing morethan “conversation,” a spokeswoman for the companhy said. Midtown’s shift in strategyg comes as the , a group of business leaderd laying the groundwork for theMidtowbn Mile, says it’s starting to gain a “critical of stores and restaurants along Peachtree. At a Midtowbn Alliance meetingJune 16, Will Herbig, the group’w director of urban said Midtown has added nearly 133,000 square feet of new retaik during the past 18 months, primarily at two anchord projects: Holdings LLC’s and 12th & Midtown.
The additionsa bring the Midtown Alliance halfway to its goal of 1 millionn square feet of retail on Peachtree Street between North Avenuw and 15thStreet — the stretch knowj as the Midtown Mile. Major projectas along the Midtown Mileinclude ’sz Colony Square, 12th & Midtown, Novare Group’x Viewpoint and 999 Peachtree. “We’re seeing activitty in Midtown from both regional and national focusing on lifestyle andhome furnishings,” Michaeo Phillips, creative director with Jamestown. Retailers like CB2 and Applew cater to theMidtownh demographic, said Jackie Wammock, vice president of LLC, who specializezs in retail leasing.
Midtown tends to be a younged demographic, and CB2, for example, focuses on a young urbabn shoppers with good disposableincome — something Midtownn definitely has, she said. While retailers gearex to 40-year-olds to 50-year-olds seem to be more affecte by the economy andlowedr sales, moderately priced stores that target 16-year-olds to 28-year-olds “seem to be doingf well,” said Tisha Maley, assistant vice president of leasing for Lenox Square, ownec by (NYSE: SPG). Retaip brokers are finally starting to see improved deal Wammock said.
“We’re starting to see things loosebn upa bit, in certaib categories,” she said, noting restaurantse and health clubs have shown “Deals are tougher to but we are seeing them getting signed,” Wammock said.