A Note from Sugarloaf CID Regarding Revel
We know many of you were disappointed to hear the news about North American Properties pulling out of the Revel development. There has been a lot of speculation and guessing about why what happened, but we want to share some of the details behind the headlines with you.
Here’s what we know–
- North American Properties has pulled out of Revel along with other major projects as they are shifting to focus on acquiring and repositioning mixed-use destinations and ground-up multifamily development.
- Revel was only one part of the Infinite Energy Center project. The Forum expansion will begin next year, adding 60,000 more square feet of meeting space and upgrading the convention space and ballroom.
- One parking deck is open and the second parking deck will be complete at the end of the year, creating nearly 3,500 new spaces.
- In January, Concord Hospitality will break ground on a new 4-star Westin Hotel with 348 guest rooms, 25,000 square feet of meeting space, and a 12,000 square foot rooftop event space.
Here’s what this means for all of us here at the Sugarloaf CID–
- This is an incredible opportunity for another private sector partner to complete a mixed-use development on the Infinite Energy Center campus.
- With the Infinite Energy Center attracting over 1.2 million visitors a year and a strong surrounding office and residential market, we are confident that development in line with our vision of Gwinnett’s Downtown will occur.
- As always, we will continue to look out for the interests of our property owners and remain vested in increasing the value of properties in the district.
- This does not change any of our work to make sure our community is connected, safe, and attractive, and we will continue to advance our projects, setting the stage for what’s next.
You can count on us to be a trusted source of information regarding the future of development in our district. We will keep you updated as progress occurs.