Stonecrest Resorts announces plans for $17 million family entertainment complex at Stonecrest Mall – On Common Ground News
The Mall at Stonecrest to launch Privi, premium family entertainment
STONECREST, GA – Stonecrest Resorts, a commercial real estate development company, announced Phase 2 plans tonight (March 10) to transform the former Sears building in the Stonecrest Mall into a family destination for entertainment and of lifestyle.
The $17 million adaptive reuse project will be called Priví and will include a food hall with several upper-level entertainment concepts and a health and wellness center, event hall and co-working space full-service designed for creative industry professionals on the lower level.
Funding for the second phase of the project was settled last week with pre-development already underway. The first development phase of the project was the opening of SeaQuest Interactive Aquarium in November 2021.
“We have already enhanced the mall’s offerings with our financial investment in the opening of SeaQuest,” said Vaughn D. Irons, director and developer of Stonecrest Resorts. “We were able to accomplish both phases of development with private dollars and without asking taxpayers to fund this project.” “The development plan for this project is innovative and financially sound, so we had no hesitation in getting on board because shopping centers like Stonecrest will survive and thrive,” said Keith Thomas, CEO of Private Capital Investors, one of the two California-based lenders for the project with Socotra Capital.
Forum Partners, a London-based global property investment and asset management firm, provided private capital for the project.
The 15.1-acre plot, which includes two buildings totaling 143,000 square feet, was purchased from the City of Stonecrest Urban Redevelopment Authority for $2.1 million in a sale completed last October.
“This is Stonecrest URA’s first development project and Stonecrest Resorts has delivered on its promise. Our City Government looks forward to seeing more attractions like this across the city that are both safe and mutually beneficial for all Stonecrest residents and stakeholders,” said Jazzmin Cobble, Chairman of the Redevelopment Agency. town of Stonecrest.
Upcoming renovations will introduce new lifestyle elements to the mall under the Priví brand name, which is a play on the word privilege and the term private. “Privi is designed to be a one-of-a-kind culinary, entertainment and tourism destination that will become the new gathering place for the East Metro Atlanta community and attract visitors from across the Southeast region,” said Irons, a Stonecrest. resident since 2004. “We developed a project that met the community’s desire for elevated experiences, better dining options, and top-notch customer service.”
The building is 85% leased and the full list of tenants will be disclosed in future announcements. The project is separated into five lifestyle components:
Food and drinks: A 50,000 square foot chef-led food hall featuring desirable and healthy food and beverage concepts, as well as restaurants and cocktail bars, will be the centerpiece of the project. The food hall will be organized and operated by Good Food & Company’s Hospitality Group. Good Food & Company is well known in Atlanta for concepts such as the Atlanta Breakfast Club, ABC Chicken & Waffles, the Atlanta Breakfast Club at the City of Refuge, and most recently, Le Petit Marché. Executive chef and co-owner Anthony Sanders and co-owner Osiris Ballard have developed unique concepts featuring cuisines with global influences.
“We’ve been quietly working on this for a year, and as we became familiar with the demographics of East Metro Atlanta, we immediately embraced Stonecrest. We will be bringing some of our flagship restaurants combined with new chef-led concepts and fine dining options,” Ballard said.
Some of the food and drink concepts coming to the food hall include Atlanta Breakfast Club, an upscale gourmet restaurant, a hip-hop themed karaoke concept, a rib and comedy joint, sushi, a wine bar and a market.Retail: The experiential retail program will include a music store and a bookstore with a cafe and homewares. A high-end men’s and women’s clothing and footwear store bringing more edgy fashion and tailored clothing to the mall’s current offerings. The store will feature fashion designers and stylists instead of the typical sales staff. Planning is also underway to include a large cigar store.
Health: The health and wellness complex will feature nine resort-style facilities, including a massage and facial day spa, an infrared sauna studio, a vitamin therapy medical institute, a training and fitness center in mixed martial arts, oxygen and juice bar, healthy food cafe, and mental health and family therapy concept.
Meeting and work space: A creative incubator workspace will provide opportunities for entrepreneurs, independent contractors, digital content developers, and creative industry professionals such as filmmakers to accelerate their projects or grow their business. The 18,000 square foot facility will include a coworking space with meeting rooms and private offices; a studio space for photography, podcasts and digital media productions; and a 6,000 square foot multi-purpose event and meeting space that will be the region’s largest secular meeting venue accommodating corporate trainings, weddings, banquets and other entertainment events. The site will support the hotels immediately surrounding the mall and attract more business to the Stonecrest submarket.
Family entertainment: Family entertainment offerings include SeaQuest, an ax throwing concept, a comedy room, an escape room, interactive golf simulators with a full range of play options, a multimedia art studio that offers splatter painting sessions, art classes and birthday parties. Upon completion, the project will bring over 560 jobs to the local economy and generate new taxes for the Town of Stonecrest and County of DeKalb by bringing property back from exemption on tax rolls. It will also support the Local Special Purpose Option Sales Tax (SPLOST) by attracting additional expenses that create an increase in sales taxes. Renovations are scheduled to begin in spring 2022, with the lower level expected to open in summer 2022. The upper level food hall will be completed in spring 2023.
For more information on the project, visit www.StonecrestResorts.com.