Residential Developments May Be in Pipeline for Ingles Shopping Center

City Councilman Alex Wright talks about developers wants versus residents needs and preferences.

NOTE: This article has been updated on July 27, 2023, at 4:36 pm.

Economic development doesn’t seem to take a holiday in Peachtree Corners. While many are enjoying the lazy days of summer, deals are in the works to upgrade some areas that have remained stagnant and refresh others into more modern spaces.

City Councilman Alex Wright recently shed light on a few changes in the works.

Land behind Chase has a buyer

The three acres of undeveloped land behind the Chase Bank on Highway 141 is owned by a man named Charlie Roberts, who at one time owned all of what is now the Town Center, according to Wright in the newsletter he distributes occasionally.

Roberts had planned to sell the land to North American Properties (NAP) last fall as part of its ‘Downtown Peachtree Corners’ project with The Forum redevelopment as its crown jewel.

However, due to increased lending costs, NAP did not have the funds to purchase the land, added Wright.

With the assumption that NAP was purchasing the property, City Council approved rezoning the parcels for apartments. And even though that deal didn’t come to fruition, the new zoning designation remains in place.

“The property was rezoned on August 23, 2022,” said Peachtree Corners Communications Director Louis E. Svehla. “The city does not dictate ownership, so any new builder can proceed with construction in accordance with the ordinance conditions of 2022. However, any substantive change from the ordinance conditions would require a change that goes before the City Council at a hearing.”

This isn’t the first time Roberts tried to sell that property to developers who wanted to build apartments.

“About a decade ago, the land bordered by Highway 141, Peachtree Corners Circle and Medlock Bridge Road was just woods,” said Wright. “Mr. Roberts owned the vast majority of it. …He sold that to a company who builds apartments and houses. This was right after the city was formed and the property had been zoned for apartments.”

The city didn’t want apartments there and ended up purchasing the property that is now Town Center. Back in 2016, Roberts made a deal with the city that another developer would build apartments and a hotel, so the city granted a zoning ordinance for apartments that expired after four years.

“He had to have stuff coming out of the ground within four years,” Wright explained. “COVID came and that deal fell through because hotels were not doing so great.”

With the four years expired, the zoning reverted back to its original zoning which was commercial. “There wasn’t a lot of demand for commercial development at the time, also because of COVID. So, he just sits on it and then several years passed,” Wright continued.

NAP enters the picture

When North American Properties came along with a vision to turn the Town Center complex and The Forum into Downtown Peachtree Corners, city officials bought into the idea of more foot traffic and more people living on site. Now Roberts had a buyer for his “white elephant.”

“Shortly thereafter, the Federal Reserve started to raise interest rates fairly aggressively to try to tame inflation,” said Wright. “That made borrowing more expensive; that was the case for North American Properties.”

Although he didn’t hear this directly from NAP management, Wright said he believes that was the case. He added that NAP probably paid more for The Forum than it had originally budgeted since it was such a desirable project.

Again, Roberts has property he wants to sell. But this time, he doesn’t have to go through the process of getting it rezoned. 

“With several apartment projects locally stalling due to increased borrowing costs and data pointing to the apartments nationwide being overbuilt, I have been curious to see if and when Mr. Roberts would be able to unload this property,” Wright wrote in his newsletter.

“It appears that he now has a buyer — Terwilliger Pappas,” Wright added. “Speculation is that any project would be branded under Solis with a closing date estimated for end of [July].”

Possible changes at Jones Bridge Square

A few months ago, at a City Council work session, the city manager said the owner of Jones Bridge Square shopping center approached him about a redesign for the property, according to Wright.
The owner said Ingles Market said it may be open to working with him regarding to redevelopment, even if it meant the store had a smaller footprint, Wright added.

“I’m paraphrasing, but they basically like what’s going on at the Town Center and want to be a part of that,” said Wright. “Instead of just being a shopping center with all this space that’s unused, they want to put in some things that bring a kind of synergy, if you will, with what’s already there.”

Wright explained further that with the pedestrian bridge, there’s a growing desire to be nearer to where things are happening. Comparing what’s going on at The Forum to many European cities, Wright said that it’s human nature to seek a gathering spot and build things around it.

Opportunity for senior living option

“I don’t know much about the grocery store business, but from what [City Manager] Brian Johnson was telling us, they’ve got about twice as much space as they’d like. Apparently, the thing in grocery stores now is smaller,” said Wright. “This might be an opportunity to redesign the whole place.”

There has been some interest in a housing component. Although Wright hasn’t polled his fellow city councilmembers, he believes it could be approved for residential zoning.

“It would be a mixed-use development, and lately we’ve approved all these apartment developments, so we might not need more for a while,” said Wright.

Johnson showed several different concepts that he thought the landowners might be interested in. One idea that caught Wright’s attention was senior living. 

“I know we’ve got Waterside, but it’s very expensive to get in there. And the other thing about Waterside is you can’t really walk anywhere from there except these trails along the river,” he said.

Senior housing as part of a mixed-use development, with amenities like a grocery store, restaurants, a pharmacy, etc., could fill a current void, said Wright.

“All the new developments like retail right up on the road versus a big parking lot in the front. That’s the trend right now,” said Wright. “Then, behind that would be some parking and also a large senior component.”

Still in concept phase

Will there be a new senior housing development on Peachtree Parkway? Will the Ingles Market take on a smaller footprint? None of these concepts have gotten past the conversation stage, said Wright, but he’s excited about what could come for Peachtree Corners.

“These decisions don’t come lightly. These plans tell developers we’re interested in more housing, more dense housing, more affordable housing,” said Wright. “But many of them are presenting rental housing, and from the public input, we hear a desire for a more balanced and also diverse housing stock with ownership options.”

NOTE: This article has been updated on July 27, 2023, at 4:36 pm.