With plans to open the retail and office component of the $300 million Atlantic Crossing project on East Atlantic Ave. by the fourth quarter of 2020, there are already several tenants signed on to open in the new space.
Developers Ohio-based The Edwards Cos., said vertical construction is slated to begin by the end of the year. The western block’s underground parking garage and infrastructure is already underway.
The western block is fully financed with a $110 million construction loan and a $45 million preferred equity investment.
The entire project spans nine acres. It is bound by Federal Highway to the west and Veterans Park and the Intracoastal Waterway to the east. it has 560 feet of frontage along Atlantic Ave.
With the vertical construction about to commence, the developers announced three tenants that have already signed on to the new project.
Lead tenant Merrill Lynch will occupy the entire 20,000-square-feet on the third floor, which is half of the available office space in the first building. Chico’s has signed on for a 3,150-square-foot shop fronting Atlantic Ave. The first restaurant tenant, Chicago-based The Hampton Social, an East Coast-themed lifestyle experience concept, has leased 8,677-square-feet.
Overall, the project will bring 73,000-square-feet of retail and restaurant space, 83,000-square-feeet of office space and new luxury residences downtown.
The buildings will offer 20,000-square-foot floor plans, which can accommodate mid-to large-sized companies.
“Atlantic Avenue is nationally known and demand is strong,” said Edward Companies Vice President Don DeVere. “Our timetable allows us to be selective and to identify ‘best of class’ commercial tenants for the project.”
A number of additional tenant prospects are in active negotiations, DeVere said.
“Atlantic Crossing is coming on line at an exciting turning point,” Drew M. Barkett of Strategic Retail Advisors, exclusive retail leasing agent, said. “Retailers and restaurateurs are looking to ‘High Street’ opportunities, rather than enclosed malls or lifestyle centers. Atlantic Crossing delivers the authentic sense of place to draw today’s shoppers and diners, and to become the ‘must-see’ spot for out of towners.”
Each of Atlantic Crossing’s six buildings of three to five stories has a different architectural design. All parking is hidden, below ground or in a garage wrapped by residences, and convenient valet service is provided. Completion of the first luxury residential residences is anticipated for 2021, with additional park-side residential units added in 2023.