Atlantic Station residents rally as Publix plans exit, raising concerns about walkability and home values
Homeowners and elected officials gathered Tuesday at Atlantic Station, urging Publix to reconsider its decision to close and calling on other retailers to take a closer look at vacant storefronts in the mixed-use district.
For Dagmar W. Rick, a condo owner who walks the neighborhood daily, the planned closure hits close to home.
"Our values have gone down quite a lot," Rick said.
Publix is set to close later this month. DSW and Banana Republic have also announced plans to leave, prompting concern among residents who chose Atlantic Station for its walkability — and for having the area's only full-service grocery store within steps of their homes.
Residents say losing multiple longtime retailers could significantly alter daily life in the neighborhood.
One group pushing for answers is the Atlantic Station Civic Association.
"There have been some safety concerns that have come up in the past," said Satya Bhan, the association's president.
Some homeowners have questioned whether crime or shoplifting played a role in the departures. Atlanta police data for the Publix location shows 21 reported incidents year-to-date, including one shoplifting case. Data for the Banana Republic address shows 17 reported incidents, 11 of them shoplifting.
Others have raised questions about whether expiring development incentives could be a factor. Dr. Eloisa Klementich, president and CEO of Invest Atlanta, said that is not the case.
"A tax allocation district is not a recurring incentive for retailers," Klementich said. "It's a financing tool used to pay off redevelopment debt."
Rick also worries about what the retail changes could mean for property values. Adam Scott, a certified residential appraiser who tracks condo values across metro Atlanta, said losing a major anchor like a grocery store can have an impact.
"When you lose an anchor like a grocery store, it can put downward pressure on values because walkability is a big reason people buy here," Scott said. However, he added that if strong replacements move into the vacant spaces, any value loss tied to store closures should stabilize.
In a statement to CBS News Atlanta, Atlantic Station management said Hines serves as the manager and leasing agent for the retail district and manages the master and district owners associations. The property is owned by an investment fund advised by Morgan Stanley.
Rick said residents have repeatedly asked for clearer communication from management.
"They don't tell us. They really don't say anything," she said.
At Tuesday's rally, property owners and elected officials called on Publix to reverse course and encouraged other retailers to consider leasing in the district.
"We need transparency. We need to work together and then make this neighborhood a great neighborhood," Rick said.
Despite the uncertainty, Rick said Atlantic Station remains a community worth fighting for.
"It's a pretty awesome community," she said, "and that's why I'll fight for its potential."
What's next:
Atlantic Station management says leasing activity is ongoing and that no retailer-specific incentives are driving store departures.
Management says more leasing announcements are expected in the coming months and that near-term solutions are being explored to help residents as Publix prepares to close, while longer-term leasing efforts continue.
Retail analyst Todd Semrau of Urban Retail Advisors told CBS News Atlanta that developments like Atlantic Station often see turnover around the 20-year mark as leases expire and consumer habits change. He says the recent closures likely have more to do with individual brand decisions than with the district itself.
CBS News Atlanta reached out to Hines, Morgan Stanley, Publix and DSW for comment. None responded.