Plans to redevelop The Mall West End in southwest Atlanta have stalled for a third time in recent years.
Atlanta District 4 City Councilmember Jason Dozier, who represents the historic West End neighborhood, said news that another developer was pulling out of revitalizing the site was disappointing.
“While a setback, I remain hopeful that we’ll end up with a project that the community will be proud of for decades,” Dozier said in a statement
New York City-based Prusik Group recently terminated its contract with H.T. West End LLC, owner of The Mall West End, to redevelop the more than 12-acre site, WABE reported.
Prusik Group entered into a contract to buy the mall in late 2021. The company came into the picture after New York real estate firm Tishman Speyer decided to pull out of its plans to redevelop the site earlier that year. Both companies proposed transforming the property into mixed-use developments.
It was in late 2019 when Elevator City Partners, created by Atlanta BeltLine visionary Ryan Gravel and investor Donray Von, proposed a $400 million overhaul of The Mall West End site to include residential, retail, office and greenspace. The project fell through in part due to lack of funding.
The Mall West is End is located near the West End MARTA station and the Atlanta University Center Consortium off Joseph E. Lowery Boulevard. The area is located in a federal opportunity zone, a tax program that offers incentives to private developers investing in low-income communities. Dozier said today’s real estate market has hindered such projects.
“I also recognize that while public dollars can be leveraged to maximize public benefit in projects of this magnitude, a distressed development environment — punctuated by historically high construction costs and high interest rates — makes deals like this even more challenging,” Dozier said.
Dozier said his office would continue “to put the weight of the city behind the community despite the challenges of the private real estate market.”
“West End isn’t defined by a single development, property owner, or rendering,” he said.
“It is defined by its people — a resilient, determined, and unified people — and that’s how any future project must be centered,” Dozier said. “West End deserves a product that reflects the unique history and culture of the neighborhood, its residents, its businesses, and its institutions, and I am committed to seeing that happen.”