New mall ? (Atlanta, Alpharetta, Cumming: tenants, construction, income)

[THUNDER714]

Is there a new mall comming to the cummings area I am thinking of a move there around Vickery .Anyone live around that area . Thanks in advance

[ATLCOL1]

Yes, one is planned by Taubman. I have spoken with them about it. The mall is coming, but has been delayed some. I can't speak much on it.

[atlantagreg30127]

Well, they must have stalled it for quite a bit. The company I work for is related to the construction industry and no one there have received bid requests for any work or proposed blueprints, etc. This doesn't mean it's not going to happen, but as this story says from back in April, with the economy as it was even then (and worse now), they may have pushed back plans on it: A magnet for malls | ajc.com (http://www.ajc.com/cobb/content/business/stories/2008/04/30/mallmania.html?cxntlid=inform_sr - broken link)

A slightly more detailed story of the proposal (also from April): Taubman makes foray into Georgia with Forsyth mall - Atlanta Business Chronicle:

And another - yet again from April: First Hurdle Cleared for Mall in South Forsyth (CummingHome-Forsyth County News) (http://www.cumminghome.com/business/economy/developer-plans-an-upscale-mall-in-south-forsyth-2.shtml - broken link)

I saw no mention of it on Taubman's web site in their press release area at all.

Here's the chance you take when you try to open a "high-end" mall in these times: The target audience is the upper-income crowd. Now, there ARE upper-income households in the Alpharetta area. Quite a few. But, are there enough to support such a place? There are also many more upper-middle-income households in that area, but, what do upper-middle-income people like to do? Save and invest money, so that one day they'll be among the UPPER-income people. People who spend the most on "stuff" are actually the everyday "middle-middle" income folks (who usually don't shop at Saks or the elite stores), and the uber-wealthy, of which there aren't THAT many in that area really (at least not in concentrated form).

The Avenues Center opened a short time ago and it's a hit up there. Just like the Avenues of West Cobb was a hit with the upper-middles here in West Cobb. But I think centers like that are all they need in these places for now. Atlanta has Phipps, and soon the Streets of Buckhead will open, giving the "ubers" from up GA400 a reason to venture into the City.

Atlanta metro is not L.A. - we don't need half a dozen "Rodeo Drive" shopping areas, and the North Alpharetta and South Forsyth areas are not Orange County, California. I think one or two high-end malls will do for the region for now, that are more centrally located (Buckhead). I'm not sure a Gucci-mall in Forsyth will be a huge hit. Just my opinion - I of course may be wrong.

[Tdiddy0027]

another mall in the northern suburbs- what a surprise!

[rcsteiner]

Originally Posted by Tdiddy0027

another mall in the northern suburbs- what a surprise!

Well, the suburbs comprise 90-95% of the area in the metro, so the chances are very good that most new developments would be in that area.

[Tdiddy0027]

I said the NORTHERN suburbs

[neil0311]

Originally Posted by Tdiddy0027

I said the NORTHERN suburbs

You make the point as if there is a conspiracy to deprive the southern suburbs of a mall.

I think the issue is the fact that northern suburbs have a better capability to support retail. This economy is making it tough everywhere, and that may be why things on this project have stalled, but under normal conditions the northern suburbs probably provide better ROI for the developer and retail tenants.

[BobKovacs]

Originally Posted by Tdiddy0027

I said the NORTHERN suburbs

Hmmmm...a mall planned where a good portion of the growth is occurring- who woulda thunk it???

[rcsteiner]

Originally Posted by Tdiddy0027

I said the NORTHERN suburbs

Ah. I didn't catch the emphasis on NORTHERN. I mustn't be jaded enough yet.

What is the population distribution in the suburbs around Atlanta, and where is the money? Those factors typically drive mall construction, not wishful thinking.