Jamestown bought Atlanta’s former Sears building for $27 million. Here’s how it became Ponce City Market

Atlanta’s former Sears distribution center has been redeveloped into Ponce City Market. A mixed-use property featuring offices, residences, restaurants and retail spaces. Real estate investment firm Jamestown acquired the 2.1 million square foot building from the City of Atlanta in 2011 and planned to restore the property while adapting it for new uses.

The project began with a $180 million investment announced by Jamestown in 2011, then a later report describes the redevelopment as a $300 million adaptive reuse initiative, highlighting the preservation of original building features and the recycling of construction waste.

Jamestown Bought Atlanta’s Former Sears Building for $27 Million

On July 11, 2011, Jamestown announced that it had completed the acquisition of the historic Sears, Roebuck & Company building, then known as City Hall East, from the City of Atlanta for $27 million.


The purchase included an initial payment of $15.5 million at closing. The remaining balance was to be paid to the city after the development reached certain milestones.

Originally constructed in 1926 as a Sears distribution facility, the building covered 2.1 million square feet. Jamestown planned to redevelop it as Ponce City Market in partnership with Green Street Properties, its sustainable development subsidiary.

According to Jamestown’s announcement, the planned $180 million project would include retail stores, restaurants, offices and residences. The company also outlined plans to restore the building’s character through exterior improvements and interior restoration, including work on the original maple floors and steel-framed windows.

Ponce City Market’s Redevelopment Was Described as a $300 Million Project

Jamestown’s 2011 announcement described the planned investment as $180 million. As per Closed Loop Partners’ Built Environment Report in 2024, Ponce City Market was a $300 million adaptive reuse initiative.

$180 million was the investment announced at the time of the acquisition and $300 million was the amount for redevelopment.

The redevelopment adapted the existing structure for commercial and residential uses while retaining important architectural features. Like columns, hardwood floors and steel-frame windows were among the original elements preserved during the transformation, as per Closed Loop Partners.

Ponce City Market Diverted 98% of Construction Waste From Landfills

Sustainability was another feature of the redevelopment. Ponce City Market’s official sustainability page reports that 98% of construction waste was diverted from landfills.

The Closed Loop Partners report also identifies the recycling of 98% of construction waste as one of the project’s circular practices. A separate account published by Traditional Building reports that the construction team recycled 98% of the waste generated during the project, totaling more than 50,000 tons.

This does not mean that 98% of every material used in the development was recycled.

From a Sears Distribution Center to Ponce City Market

Jamestown’s 2011 acquisition set the redevelopment in motion, the original plan called for a $180 million investment and a mix of retail, dining, office and residential uses. The adaptive reuse project as a $300 million initiative.

Now Ponce City Market combines offices, residences, restaurants, retail spaces and a food hall within the former Sears building. Its reported construction-waste diversion rate and the preservation of original architectural features are key elements of the redevelopment.