The History of Atlanta's Ponce City Market

In the world of commercial property development, projects can become iconic in different ways, the most common being architectural innovation, cultural impact, and historical significance. In Atlanta, the Ponce City Market is an example of a project that has achieved iconic status through its curb appeal, socioeconomic impact, and rich history.

Located between the Inman Park and Virginia-Highland districts, the Ponce City Market is a successful mixed-use development landmark built on a site with historical ties to the economic growth of Atlanta and the Peach State. Since 2014, the Ponce City Market has offered prime office space, upscale residential units, premium retail spaces, a gourmet market, a rooftop amusement center, and educational spaces. More than a century before leasing started, the site was a health tourism destination named after the Spanish conquistador who searched for the Fountain of Youth.

In the 1870s, spending a day at the Ponce de Leon Springs was a popular recreational and therapeutic escape for Atlanta residents. The mineral water springs were marketed for their health benefits, thus prompting entrepreneurs to build amenities such as a dance hall with lounge spaces. By the late 1800s, plans to develop the Ponce de Leon Amusement Park were drafted, and the project began operating in 1903. The penny arcade, casino, Ferris wheel, and game parlors of this new attraction turned it into Atlanta's version of Coney Island.

The success of the amusement park was leveraged for expansion with the 1907 opening of a Minor League ballpark for the Atlanta Crackers, a team with a roster that included Hall of Fame players such as Eddie Matthews and Luke Appling. The team was then affiliated with the Milwaukee Braves, which moved to Atlanta in 1966. With the Atlanta Braves playing at a different stadium, the old ballpark was demolished and the land was re-zoned into retail spaces, which today are occupied by the Midtown Place shopping center.

Between the opening of the amusement park and the demolition of the ballpark, the Ponce de Leon Springs site had attracted the Ford Motor Company in 1914 and Sears, Roebuck and Co. in 1924. These companies established regional headquarters in the middle of an economic boom in Georgia. This was the home of the Sears Agricultural Foundation, which operated the largest farmer's market in Atlanta from 1930 to 1947. Sears kept a large department store at this location until 1979, and its regional offices remained until 1987.

From the 1990s through 2010, the site was home to City Hall East, a municipal complex that included a police precinct, fire station, an art gallery, and leased office space for federal agencies. When City Hall East closed in 2010, the council approved a sale of the land and all structures to Jamestown L.P., the commercial developer behind the 2008 Westside Provisions project in the Midtown neighborhoods of Atlanta. Westside Provisions is a shopping and gourmet dining district inspired by the Chelsea Market complex of Manhattan, which Jamestown developed with a vision similar to Pike Place in Seattle.

Ponce City Market opened in August 2014 with four retail tenants, a school tenant, and a healthcare technology startup occupying a section of the office spaces. By October, residential tenants were moving into the Flats at Ponce, and the community later held its first holiday party. Jamestown completed Ponce City Market faster than Chelsea Market; in the three years after breaking ground, more than 700,00 square feet of Class-A office space were added. The curated retail spaces extend for 350,000 square feet currently occupied by gourmet restaurants, pubs, cafes, and shops. Between the public and private amenity spaces, residents and visitors can enjoy 70,000 square feet of wellness facilities, fitness centers, lounges, and a rooftop park. There's also an express hotel with 400 units that includes rooms and executive apartments.

The rich history and prestige of the Ponce City Market are the reasons the mixed-use project was quickly labeled "iconic" by commercial real estate professionals shortly after its grand opening. New office tenants such as CONA, the main provider of IT and remote managed services for the Coca-Cola Company, are paying more than the $30.09 per square foot market rate in Atlanta. Other notable tenants that have signed leases in recent years include Airbus, Capital One, FanDuel, and Pinterest. The next feather in the leasing cap of Ponce City Market will be Sage, the acclaimed accounting software firm, which is preparing to move its regional headquarters.

Jamestown is working on the expansion of Ponce City Market by putting the final touches on Scout Living, the 400-room corporate hotel, which will include 12,000 square feet of retail space on the ground floor. The second phase of the project will replace an old warehouse complex with Signal House a 21-story residential tower; plus, the business campus will be expanded with 619 Ponce, a low-rise building with smaller offices ideal for tech startups.