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Allure of 'Midtown Mile' already drawing retail
Atlanta Business Chronicle
By Ray Glier, Contributing writer
If it thrives the way Midtown backers think it will thrive, the so-called Midtown Mile along Peachtree Street will be a bonanza for retailers. Stretching from the High Museum of Art on the north end to The Fox Theatre on the south end, Peachtree will be awash in cash and credit cards.
But as far as Court Stockton is concerned, there is already some bloom to the Midtown Mile.
H. Stockton, a high-end clothing and shoe store, fled downtown in September and, in four weeks, Stockton could already see a marked increase in receipts at his new location at 1180 Peachtree.
"I followed my customers," Stockton said. "We'll do even better when we have more retail coming in around us."
A block and a half away toward downtown is 1010 Midtown, a condo/retail project being built by Selig Enterprises Inc.
Further down Peachtree toward downtown is ViewPoint by Novare Group, which will have 30,000 square feet of retail space, with condos above.
The Midtown Mile is less about the condos and more about the stores. The idea is to create a boulevard of retail shops that will be a destination like Michigan Avenue in Chicago and Madison Avenue in New York.
The concept is not quite realistic because Peachtree is not the wide, grandiose boulevard of Michigan Avenue or Madison Avenue, but the picture could come into focus in 2008, providing the national retailers flock in.
"Midtown has come of age," said Conor McNally, the developer of ViewPoint for Novare. "It is the true urban core of Atlanta and people are moving back to the urban core. There is a great momentum that has been created."
ViewPoint, which will feature 378 condominiums above retail, is expected to deliver in spring or summer 2008.
Court Stockton and his brother Chip felt the Midtown buzz two years ago when they first saw the space they currently occupy. They didn't feel like pioneers because the law firms, among other clients, were already flocking to Midtown addresses.
There was no chance five years ago, when Metropolis opened, to land a national retailer that wanted a large space. "When Metropolis went in, there was not much going on and, in many ways, it was a dangerous place to be," McNally said, not dangerous in terms of crime, but in terms of lack of buzz for a big retailer.
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