It Takes a Village...

Though originally an African proverb used to describe raising a child, we believe the phrase “it takes a village” applies to the life cycle of commercial real estate assets, too. In the case of North American Properties Atlanta (NAPA), our mixed-use developments do not come with instruction manuals for maximizing potential. Instead, we utilize our enormously talented team of ExperienceMakers? who have learned from constant trial and error and best practices shared amongst the enterprise.

While reimagining Colony Square in Midtown Atlanta and Newport on the Levee in Newport, Kentucky, we established a value-add formula for bringing once-vibrant, beloved destinations back to life for a new generation of memories. During construction of these two projects, we examined our business model and recognized an opportunity to shift from ground-up developers to full-time redevelopment specialists. We’ve also recently vertically integrated several in-house functions, giving us the unique ability to offer our partners a comprehensive suite of services under one roof, including development, management, marketing, event planning and execution, leasing, advertising, graphic design, public relations, tech and innovation, legal, and parking.?Having a stable of experts in all the various disciplines allows us to quickly react to opportunities, be it a new acquisition or an emerging trend.

“Building” Blocks

Long before putting a shovel in the ground – or even finalizing a deal – we embark on a R&D journey to determine how the public perceives and utilizes a property. During the acquisition phase, our entire team bands together to fully vet an asset of interest, i.e., exploring customer profiles, scoping out areas for physical improvement, discussing ways to elevate the merchandise mix, and, of course, collaborating with our financial partners to curate a mutually beneficial vision. To accomplish the latter, we tap into our vast industry knowledge and resource library to explore techniques designed to promote human interaction.

Post-acquisition, community engagement ramps up with behind-the-scenes efforts like outreach to local HOAs, nonprofits and schools to gain feedback on how we can deliver a restored crown jewel that best fits the current needs and wants of consumers. We also immediately launch our pre-development process while working with city officials to define and refine our plans. This starts with our operations team implementing new onsite procedures such as daily pressure washing and street sweeping; installing property-wide music; upgrading the landscaping; regulating tenant hours for consistency; hosting hospitality training; increasing security and housekeeping hours; instituting a uniform staff dress code; and coordinating with existing tenants to complete much-needed spatial repairs. Simultaneously, our marketing team completes a comprehensive rebrand, including the creation and application of a new logo, website, and social media channels, followed by the introduction (or beefing up) of event programming.

Next, we identify a property’s public realm (or, more commonly, lack thereof). Looking back at previous projects, we’ve realized having a central hub of activity with experiential retail surrounded by restaurants is crucial to generating the street-level energy that drives foot traffic 18 hours a day, seven days a week. Typically, there is not nearly enough greenspace to host events. Moreover, adjacent tenants occupying this “beachfront real estate” are usually not exciting enough to draw and hold a crowd. So, we increase the footprint of our preferred venue and seek out brands with a “cool factor” to begin repositioning the destination to fit its modernized reputation as established during the rebranding. In addition, we pinpoint the best locations for patio placements and maximize their designs to create more open-air communal space. From here, we start seeing new advocates emerge as the identity of the property shifts, setting the stage for a successful transformation.

If this all sounds like a lot, it is – but the groundwork is so necessary to fully restore an underappreciated asset to its full glory. These initial actions are what we call “low hanging fruit,” but most owners view these areas of opportunity as “problems” too complicated to solve. Often underestimated is the amount of time dealing with requirements in existing leases and gaining necessary approvals.?We understand investing time and capital up-front is the most important part of getting a project right.

Ingredients for Success

As our portfolio expands, Avalon and Colony Square continue serving as incubators for developing programs that help maintain the five-star experience we promote.?Avalon is the pinnacle of NAPA, and we truly believe it to be one of the best examples of mixed-use development in the country. Although the property runs like a well-oiled machine at this point, it still requires a hands-on approach to operate at such a high standard. For example, our leasing efforts have secured 25 new tenants in the last three years alone, including Nike, Lilly Pulitzer, Allbirds, Rowan and Offline. Retail is constantly evolving, and in the best centers especially, it is essential to keep the mix relevant. Every day, our team is juggling the right combination of restaurants, shops, and activations to ensure Avalon remains Alpharetta’s most celebrated place to be.

Colony Square has become Midtown Atlanta’s local watering hole featuring a service-driven lineup of retail, dining, and entertainment concepts. Our journey there started over five years ago and includes completing construction on the 50-year-old development at the height of a global pandemic. Using lessons from Avalon, we took a cold, disconnected office site, and created a social hub that consistently attracts over 140,000 visitors per month.

At Birkdale Village, we’re focused on reinventing the public realm into a pedestrian-friendly foodie haven filled with brands that provide unique and engaging customer experiences. To encourage lingering, we reconfigured the merchandising layout and created a concentrated food and beverage district that blends into an outdoor entertainment zone, which includes a covered stage with an LED screen, Concierge, and more. We’ve also added seven freestanding restaurants and shops, with firepits and seating sprinkled throughout. These enhancements have helped us attract new brands, but more importantly, they’ve inspired legacy tenants to collaborate with us on upgrading their spaces. Since our involvement began in December 2020, we’ve welcomed seven new tenants and have six more slated to open by next spring. We’ve also partnered with five existing businesses on relocations, expansions, and renovations…and we’re not done yet!

Our most recent venture to benefit from this playbook is Avenue East Cobb in Georgia. In partnership with PGIM Real Estate, we’re reimagining the 23-year-old lifestyle center into a lux hometown hangout, adding new hospitality services such as Concierge; a central gathering area; standalone retail and restaurant spaces; and ample lounge areas. Gaining approval on the project took nearly a year, but all great things take time, right? By involving the community every step of the way, we were able to prove our commitment, gain the trust of locals, and plant roots in East Cobb. If you’re in the area, join us on August 25th for our official groundbreaking ceremony. We cannot wait to deliver on our promise.

While we understand no two properties are the same, there is a common denominator to their success: community-building.?We’re continuing to deploy these same tactics at The Forum in Peachtree Corners, Georgia, and Ridge Hill in Yonkers, New York, our latest joint venture projects with Nuveen to kick off, as well as Mercato in Naples, Florida, a mixed-use destination owned by PGIM that we’ve been recruited to manage and lease.

At The Forum, we’ve just unveiled a new brand; check it out here. And at Ridge Hill, we’re gearing up to host a comprehensive design charrette, which will establish the vision and road map for the property well into the next decade. As for Mercato, it’s currently being onboarded, with capital improvements and an enhanced placemaking vision to come.?

Like all good practitioners, our teams never stop learning or improving. We take each project one day at a time and strive to create magnets of social experience hand-curated for, and by, individuals in the markets we serve – ensuring the community feels a sense of ownership at every place NAPA touches.

Interested in keeping up with all our happenings? Stay tuned at leasing.naproperties.com.