Business

Gwinnett commissioners approve bonds for purchase of Gwinnett Place Mall property

Published

4 years ago

March 5, 2021

After Gwinnett County Government’s rare Triple AAA/Aaa bond rating was reaffirmed, the Board of Commissioners on Tuesday gave final approval for the issuance of $23.5 million in bonds to buy 39 acres of Gwinnett Place Mall as part of a major initiative to redevelop one of the key economic engines of the county.

The solid bond rating, reaffirmed in February by the three major rating firms, assures investors the 20-year revenue bonds are sound, and enables the county to issue debt at a favorable interest rate.

The purchase is part of an effort by the County government, the Gwinnett Place Community Improvement District and local property owners to create new opportunities to serve as a catalyst for redevelopment in the area.

Board of Commissioners Chairwoman Nicole Hendrickson said the County has the resources, the motivation and the vision to push redevelopment of the mall forward.

“Redevelopment of the Gwinnett Place Mall area has the potential to reap tremendous benefits for the entire county by generating new businesses and jobs and increasing the county tax base,” said Hendrickson. “I want to thank the previous Board of Commissioners for leaving us in such a great financial position that we can take on this project.”

District 1 Commissioner Kirkland Carden, whose district includes Gwinnett Place Mall, said the project could be a destination again.

“The potential is unlimited,” said Carden. “We’re starting with a blank slate. We can remake this area that is so central to our county into just about whatever we want, and we will involve residents and businesses in the process.”

Joe Allen, executive director of the Gwinnett Place Community Improvement District, said his CID members are very excited about the prospects for the area.

“The CID members are very excited,” said Allen. “We think now we’ll see real progress in redeveloping the mall. We’re grateful to the Board of Commissioners for their leadership.”

In December, the County Commission voted to purchase the 36-year-old mall minus four anchor stores, which own their property. The County now will launch an intensive planning effort to craft a strategy for revitalizing the area, which has struggled in recent years. The proximity to Interstate 85 and the destination’s central location within Gwinnett County have made the property a key focus for leadership within the county. Closing on the property is anticipated to take place by the end of March.

The Board of Commissioners, acting as the Urban Redevelopment Agency of Gwinnett County, also gave its final approval for the bonds on Tuesday. The purchase of the property and the actual issuance of the bonds is technically being handled through the agency, which was established in 2009 to exercise redevelopment powers. The annual debt service for the bonds is expected to be around $1.45 million a year.

The County’s Triple AAA/Aaa bond rating, the highest available, means the County can borrow money at most-favorable interest rates at the time the bonds are issued and also refinance bonds at better rates than most other counties.

Fewer than 2% of counties nationwide hold the highest bond ratings from all three major rating agencies.

According to S&P Global Ratings, Gwinnett merited the high bond rating largely because of its “very strong management, with strong financial policies and practices…,” its operating General Fund surplus, very strong budgetary flexibility and liquidity, and overall low debt.

Moody’s Investors Service wrote in its report, “The stable outlook reflects our expectation that the county’s base will continue to expand given strong permitting activity, recent development announcements and proximity to Atlanta. This growth will support strong revenue performance, which, along with good management and low fixed costs, will lead to continued stability in the county’s financial position.”

Fitch Rating’s report endorsed the high rating, saying, “The county has continually demonstrated prudent fiscal management through conservative budgeting. Actual results typically outperform the budget, allowing the county to increase reserves annually.”

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Kelsey Asher

Kelsey Asher is a proud graduate of the University of West Georgia with a Bachelor’s in Communications. She has held a variety of marketing leadership roles for several small, startup companies in a variety of industries including publishing, construction and technology.

Business

PCBA Continues Charitable Giving at November Event

Published

4 weeks ago

November 25, 2024

Peachtree Corners Magazine staff

Members of the PCBA and United Way of Greater Atlanta standing together holding an oversized donation check for $500

The Peachtree Corners Business Association (PCBA) awarded a check for $500 to the United Way of Greater Atlanta (Gwinnett County) at their Business After Hours networking event in November.

The local organization was chosen by PCBA’s Outreach Committee because of their commitment to providing assistance and bettering the lives of children within the community.

United Way of Greater Atlanta

The mission of United Way of Greater Atlanta is to engage and bring together people and resources to drive sustainable and equitable improvements in the well-being of children, families and individuals in local communities.

“Greater Atlanta is one of the most vibrant regions in the country, but the region has significant barriers to realizing its potential in the future because of its continued ranking at the bottom of the list of metro areas in income mobility,” stated Vanessa Roussell, United Way senior director of corporate relations.

A short-haired woman in black pants and print top standing in front of a PCBA event backdrop — Vanessa Roussell, United Way of Greater Atlanta

“Children born in low-income households have only a 4% chance of getting out of poverty in their lifetime,” she continued. “We at United Way of Greater Atlanta don’t like those odds. Our work is about changing them so that children — regardless of where they’re born — have the chance to realize their potential and build lives that sustain themselves, their families and their communities.

Assessing needs within the county

The organization’s goal is to help every child unlock their full potential, by improving education, healthcare, resources and economic mobility in the communities where they live. Their “every child program” includes every child in Gwinnett.

Based on the 2023 census track for Gwinnett County, 94,308 people living in Gwinnett County are at risk, particularly in and around Sugar Hill/Buford, Duluth, Norcross, Lawrenceville, Lilburn and Snellville. The highest-need residents are located in the I-85 corridor, mainly around Duluth, Norcross and Lilburn.

Giving back to support the community

“The PCBA is proud to donate a check for $500 to United Way of Greater Atlanta (Gwinnett County),” said PCBA President, Lisa Proctor. “Our outreach committee and board are committed to supporting our community, and investing in the well-being of the children in our community aligns with our core principles. We know that our dollars will be targeted to help those at highest risk … We are glad to have the local Gwinnett chapter located right in our community.”

Funds for the PCBA Community Outreach Program are raised throughout the year from PCBA membership, sponsorship and an annual charity event. Donations and scholarships are awarded at their monthly events so that members have the opportunity to learn more about the community organizations and their programs.

Over the past 12 years, the PCBA has awarded 19 scholarships to outstanding graduating high school seniors and donated in excess of $165,500 back into the community.

About Peachtree Corners Business Association

“Where businesses come to grow,” the Peachtree Corners Business Association (PCBA) is a business membership organization that focuses on innovative approaches, programs, shared resources, community outreach and opportunities for member businesses and professionals to connect, develop, grow and prosper.

The PCBA is made up of businesses of all sizes and types who want to expand their reach and grow their business within Peachtree Corners and the greater metro Atlanta area.

For more information visit peachtreecornersba.com.

Around Atlanta

Metro Atlanta Redevelopment Visionaries Honored at 2024 MARS Summit

Published

1 month ago

November 8, 2024

Peachtree Corners Magazine staff

A group of award winners in front of a Partnership Gwinnett sign

Tim Perry, managing director and chief investment officer of Jamestown named Redevelopment Champion of the Year

The Metro Atlanta Redevelopment Summit (MARS), presented by Gwinnett’s Community Improvement Districts and co-hosted by Partnership Gwinnett and the Council for Quality Growth, offered an exclusive look at major redevelopment projects shaping the future of the region.

This year’s event not only highlighted emerging trends in the redevelopment industry but also provided valuable networking opportunities for professionals across metro Atlanta. Attendees gained insight into best practices through discussions on successful revitalization projects.

The summit’s marquee moment was the presentation of the annual MARS Awards, recognizing remarkable achievements in redevelopment that are transforming the metro Atlanta landscape.

The keynote address was delivered by Joe Minicozzi, a renowned urban planner and founder of Urban3, who shared his expertise on land use, urban design and economics. In addition to the keynote, the event featured dynamic panel discussions with local leaders and key partners from across the metropolitan area, spotlighting successful projects and innovative strategies in the region.

Chairwoman Nicole Love Hendrickson concluded the summit with closing remarks, emphasizing the continued growth of the region and the collective efforts driving its future.

2024 MARS Awards winners

The MARS Awards ceremony celebrated projects that have made significant economic impacts on their communities and honored Tim Perry, an individual who has dedicated his career to advancing successful redevelopment initiatives.

Redevelopment Champion of the Year: Tim Perry, managing director and chief investment officer of Jamestown

Runner up: Paul Radford, Sugar Hill city manager

Small Redevelopment Project of the Year: The Historic Jones Building

The historic Jones Building, one of the oldest structures in Cherokee County, has been revitalized to meet modern needs while preserving its storied past. This ambitious 28-month restoration culminated in August 2024, breathing new life into this cornerstone of downtown Canton and creating a dynamic space for work, dining, and play.

Runner up: The Hands of Christ Duluth Co-Op

Medium Redevelopment Project of the Year: The Grove at Towne Center

The Grove at Towne Center is a transformative development in the heart of Snellville. With 33,000 square feet of restaurant space, 10,000 square feet of retail and the new Elizabeth H. Williams Branch of the Gwinnett Public Library, The Grove offers an ideal blend of dining, shopping and cultural experiences.

Runner up: Springside Powder Springs

Large Redevelopment Project of the Year: The Works

The Works is an innovative, 80-acre adaptive reuse community that reimagines a historic warehouse district in Atlanta’s Upper Westside. The first phase, spanning 27 acres, introduced a dynamic mix of 218,000 square feet of unique retail and dining spaces, 118,000 square feet of creative office space and Westbound at The Works — a modern 306-unit multi-family residence.

Runner up: The Forum at Peachtree Corners

“Community redevelopment is essential in creating vibrant, thriving spaces that enhance the quality of life and drive sustainable economic growth for the entire region,” said Deven Cason, vice president of economic development for Partnership Gwinnett.

“We proudly congratulate this year’s award winners and finalists for their innovative contributions and tireless efforts in revitalizing our communities. Their work is not only reshaping local landscapes but also fueling long-term economic prosperity in metro Atlanta. We are grateful for their dedication to building a brighter, more prosperous future.”

2024 sponsors

The program was held at the former Georgia Baptist Convention Center, Maison6405, and welcomed more than 200 industry attendees.

Sponsors included Evermore CID, Gateway 85 CID, Gwinnett Place CID, Lilburn CID, Sugarloaf CID, C2H Air, Hogan Construction, Northside, Primerica, The Forum, Gas South, Jackson EMC, Select Fulton, True North 400, ABEV Power Solutions, City of Suwanee, Curiosity Labs, Geo Hydro Engineers, Georgia Power, Lose Designs, City of Lawrenceville, City of Norcross, City of Peachtree Corners, City of Sugar Hill and Town of Braselton.

For more information on revitalization and redevelopment efforts in the region, visit partnershipgwinnett.com.

Business

TransPak Acquires Reid Packaging to Expand East Coast Presence

Published

2 months ago

October 16, 2024

Peachtree Corners Magazine staff

group of people in a warehouse with two men in front shaking hands

The strategic acquisition strengthens TransPak’s Southeast presence and expands their capabilities in custom packaging for military, aerospace and high-value equipment.

TransPak, a global leader in logistics, packaging and crating services, recently announced the acquisition of Reid Packaging, a long-standing provider of custom packaging solutions based in Peachtree Corners. Both family-owned and operated companies share a deep-rooted commitment to quality craftsmanship, reliability and customer service, making the acquisition a natural fit.

Reid Packaging, founded in 1982, has distinguished itself as the go-to customer industrial packager in the metro Atlanta region, providing corrugated, foam and custom-engineered crating solutions, particularly in the military and aerospace industries.

two people from Reid Packaging standing in front of crates and boxes in a warehouse — Ward and Anne Phillips of Reid Packaging

Under the ownership of Ward Phillips since 2008, the company has grown to become one of the largest packaging facilities in the region, with a 60,000-square-foot site.

The acquisition will allow TransPak to expand its local manufacturing capabilities in the Southeast, while leveraging Reid Packaging’s expertise in specialized and heavy-duty custom crates.

Strategic Atlanta location and enhanced capabilities

The acquisition is part of TransPak’s strategic expansion into the Atlanta market, a critical logistics hub for both the renewable energy and semiconductor industries.

“We’re thrilled to welcome Reid Packaging into the TransPak family,” said Tomas Molet, executive vice president of East and Midwest Operations, TransPak. “With Reid Packaging’s prime location in Peachtree Corners, we are now able to serve customers throughout the Southeast, including direct routes to the Carolinas and beyond. This acquisition strengthens our ability to meet the needs of existing clients, especially those in the semiconductor and renewable energy sectors.”

four people at a ribbon cutting as TransPak acquires Reid Packaging — Tomas Molet and Amanda Gautney with Anne and Ward Phillips

In addition to the strategic location, the acquisition brings new manufacturing capabilities to TransPak’s East Coast operations. Reid Packaging’s facility is now the largest of TransPak’s locations in the region. Its offerings include enhanced services, such as heavy-duty and triple-wall corrugated packaging, which will enable TransPak to meet the growing demand for custom-designed packaging solutions for fragile, high-value equipment.

Commitment to employees and leadership appointments

A key focus of the acquisition was ensuring a smooth transition for Reid Packaging’s employees.

“We made a commitment to Ward Phillips to take care of the staff, and we’ve delivered on that promise,” said Molet. “All employees were retained, and we’ve introduced benefits they previously didn’t have as part of our commitment to making this a positive transition for everyone involved.”

Amanda Gautney, a longtime member of TransPak’s leadership team, has been appointed as the operations manager for the Peachtree Corners facility. “I’m excited to work with the team at Reid and continue the legacy of this respected company,” said Gautney.

two people from TransPak standing in front of crates and boxes in a warehouse — Amanda Gautney and Tomas Molet

Looking forward in Atlanta

TransPak plans to continue operating under the Reid Packaging name for the immediate future. However, the facility will gradually transition to full integration under the TransPak brand, reflecting the shared values and commitment to quality of both companies.

About TransPak

Headquartered in Silicon Valley, TransPak has been providing innovative and cost-effective design, crating, packaging and global logistics for over 70 years.

As a customer-focused, women- and family-owned company, TransPak combines the agility of a small business with the reliability of a global powerhouse. TransPak lives by the slogan, “We make it happen,” ensuring that high-value, fragile, and oversized goods reach their destinations safely and efficiently.

For more information about TransPak, visit transpak.com.