News Summary
Georgia Square Mall in Athens is set for a $660 million redevelopment to transform it into a community hub featuring 1,200 residential units and commercial spaces. This initiative aims to combat the site’s over 90% vacancy, enhance local economic activity, and provide job training through the YouthForce Innovation Hub. The project is a response to economic distress faced by the area and is anticipated to revive the mall’s significance. Demolition has started while maintaining operations for remaining tenants. Community involvement remains high as the project unfolds.
Athens, Georgia – Georgia Square Mall, once a thriving shopping destination, is set for a significant redevelopment with a projected investment of approximately $660 million. Developer Mark Jennings is spearheading this project, which aims to transform the largely vacant mall into a vibrant community space, complete with residential units and commercial opportunities.
As online shopping and the COVID-19 pandemic have led to a drastic decline in foot traffic, the mall now faces over 90% vacancy, with only a few stores remaining operational. This redevelopment initiative, which aims to revive economic activity and enhance community engagement, was approved in 2023 and is deemed by Jennings as “the nicest thing Athens has ever seen.”
Key Features of the Redevelopment Plan
The redevelopment plan, designed by The Leaven Group, includes significant features such as 70,000 square feet of commercial space and 1,200 residential units, which will incorporate affordable housing options. The proposal also entails improving the surrounding area with greenspace, sidewalks, and establishing a bus station to facilitate better community access and connectivity.
A notable element of the redevelopment is the establishment of the YouthForce Innovation Hub, located within the mall and designed to provide local youth with job skills training and career exploration opportunities. This initiative is facilitated by the Boys & Girls Club of Athens and aims to help young adults secure employment, with a goal of obtaining at least 30 full-time jobs by year-end and 100 annually by 2028.
Addressing Community Needs
The area surrounding Athens has faced significant challenges, including economic distress, with nearly 26% of residents living below the poverty line—over double the national average. The local community has also been impacted by gang violence, with 11 homicide cases linked to gang activities since 2021. The redevelopment project is viewed as a crucial step towards revitalizing the area and addressing these underlying challenges.
Financial Framework and Challenges
The redevelopment plan is notable not only in scale but also in its reliance on public financial frameworks, with an estimated $189 million of the total funding expected to come from future tax revenue generated by the property. Developers have encountered financial hurdles, as banks have been cautious in funding initial project phases due to inadequate immediate collateral value, leading to a dependence on local government partnerships and tax allocation districts (TADs).
Demolition work on the mall has commenced, with efforts to maintain operational status for some existing tenants during the construction phase. Public interest remains high, leading to town hall meetings aimed at ensuring transparency about the project’s progress and addressing concerns regarding its feasibility and financial backing.
Historical Context
Georgia Square Mall, which opened in 1981, initially shifted the retail landscape in Athens but has faced increasing challenges over the past decade, culminating in its current state. The planned redevelopment is heralded as the largest such initiative in Athens’ history and represents a turning point for the mall and the surrounding community. Through collaboration with local governments and a firm commitment to fulfilling community benefits, Jennings remains optimistic that this ambitious project will successfully move forward, promising a renewed hope for economic revitalization.
Deeper Dive: News & Info About This Topic
- Flagpole: Georgia Square Mall Demolition Starts
- Classic City News: Is the Georgia Square Mall Redevelopment Project Dead
- The Red & Black: Athens Mayor Approves Mall Redevelopment
- Online Athens: Athens Mall Pursues New Development
- Construction Equipment Guide: Demolition Begins on Athens GA Mall
- Wikipedia: Georgia Square Mall
