Atlantic Station Firm buys Failing Alpharetta Development

The firm that six months ago bought Atlantic Station now has purchased a mixed-use development in Alpharetta.

On Wednesday, North American Properties announced it signed a contract to purchase Prospect Park.

The 106-acre development was planned as a high-end center with retail, hotel and residential components at Ga. 400 and Old Milton Parkway. But Prospect Park lost its funding and today looks as it did years ago -- a large pile of dirt with some infrastructure. 

North American Properties said in a statement that it plans for a smaller retail and residential environment than once envisioned for Prospect Park. 

Mark Toro, managing partner of North American Properties, and Ron Pfohl, partner and director of leasing, will spearhead the project.

Al Nash, executive director of Progress Partners Atlanta, said it's great news.

"They are great people. I hear great things they are doing down at Atlantic Station turning that deal around," Nash said. "They've got a proven track record, great financial stability and capability to make it a first class property."

To engage the Alpharetta community, North American Properties said it will host community meetings and seek comments through Facebook and Twitter.

The company has taken a similar approach at Atlantic Station since purchasing the development in a joint venture with CB Richard Ellis Investors on Dec. 31, 2010. 

“We believe Prospect Park and Atlantic Station have enormous, untapped potential, and we see opportunity for cross pollination of retailers and other elements that eventually will be beneficial to both centers," said Toro, a Midtown resident. 

Pfohl said Atlantic Station is becoming Midtown's community center because the company sought public input. 

"The response has been tremendous and the stakeholders surrounding Atlantic Station are now fully involved in the project’s success,” Pfohl said. “We plan to be just as open and engaging with our neighbors at Prospect Park.

"We will ask them to tell us what they’d like the project to be, and we’ll respond to that – and what’s more, we’ll invite them to participate.”