Atlanta ‘problem
property’ becomes a
powerhouse
03.06
Shopping Centers Today
With declining traffic, an empty anchor and occupancy below 50 percent, the prospects for Atlanta’s aging, open-air Hammond Square looked bleak at best in 1999.
But the complex had three things going for it that many other dying centers do not: location, location and location. Well placed on Roswell Road just off a teeming section of Interstate 285, the center sat in a three-mile trade area with a population of 65,000 and average household income of more than $110,000 a year — one exit away from Perimeter Mall and the lure of its Bloomingdale’s, Macy’s and Nordstrom anchors. People who visit Perimeter for upscale shopping can also swing by The Exchange for basics.
That demographic alone was enough for Hammond Square’s well-capitalized owner, Roswell, Ga.-based Mimms Enterprises, to take the first baby steps to remake the tattered 30-year-old property, which had lost Service Merchandise as a main tenant and was largely occupied by mom-and-pops
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