Perennial Properties has opened leasing at Vela Park, a new mixed-use development in Atlanta’s East Lake neighborhood that transforms the long-vacant Bag Factory site into a residential and retail community.
The nearly 12-acre project, located just south of East Lake Golf Club, includes 328 apartments and townhomes, about 5,000 square feet of retail space and a public greenspace designed to serve as the center of the development. The opening marks the completion of Perennial Properties’ broader redevelopment vision for the area, representing more than $200 million in investment in East Lake.
The community offers a mix of studio, one-, two- and three-bedroom residences, including 43 rental townhomes. Amenities include coworking spaces, a podcast studio, a resort-style swimming pool, a two-story clubroom and pedestrian pathways intended to connect residents with nearby businesses and services.
A major feature of the development will be Vela Park Food Works, a food hall planned by the team behind Chattahoochee Food Works. The venue is expected to become the project’s primary dining and gathering destination, hosting restaurants, community events and other programming. An opening date for the food hall has not been announced.
Robert Montwaid, founder of Gansevoort Companies, said the food hall is intended to create a neighborhood gathering place where residents and visitors can meet throughout the day for meals, events and community activities.
The development occupies a site that remained largely vacant for decades and is expected to add new housing, retail and public gathering space as East Lake continues to grow. Leasing is now underway.
