Publix-Anchored Magnolia Development Tops Out Near UGA in Athens, Georgia
The Magnolia development in Athens, Georgia, is transforming the former Varsity restaurant property into a grocery-anchored destination with student housing, new retail space and an urban-style Publix near the University of Georgia.
One of Athens’ most closely watched commercial real estate projects has reached a major construction milestone.
The Publix-anchored Magnolia development in Athens, Georgia, has officially topped out at the former Varsity restaurant site along West Broad Street. The milestone indicates that the project’s primary structure has reached its planned height and moves the mixed-use development closer to its anticipated opening for the fall 2027 University of Georgia semester.
Developer Northwood Ravin says Magnolia will feature 179 residential units designed for student living, approximately 15,000 square feet of additional retail space and a 50,000-square-foot Publix Super Market. Residential preleasing is also expected to begin ahead of the project’s opening.
Former Varsity Site Begins a New Commercial Real Estate Chapter
Magnolia is rising at the former Varsity property near West Broad Street and North Milledge Avenue, just west of downtown Athens and close to the University of Georgia campus.
The Athens Varsity closed in 2021, leaving behind one of the city’s most recognizable redevelopment opportunities. The restaurant and surrounding properties occupied a roughly 6.2-acre site covering much of the block between West Broad Street, Milledge Avenue, Chase Street and Reese Street.
Instead of replacing the restaurant with a traditional suburban shopping center, the development team is creating a denser project that combines housing, grocery retail, restaurants, shops and structured parking.
Northwood Ravin is developing Magnolia in partnership with Fuqua Development and Greenwood Consulting Group. The project is designed to create a more walkable connection between the western edge of downtown Athens, nearby neighborhoods and the UGA community.
A 50,000-Square-Foot Publix Will Anchor the Development
Publix is the most important commercial component of Magnolia because grocery stores generate frequent, repeat customer visits.
Athens-Clarke County planning records describe the grocery portion as a two-story structure with a 50,000-square-foot grocery tenant on the upper level and parking underneath at street level. Later county records identify the space as a Publix grocery store at 1050 W. Broad Street.
Publix also lists “The Magnolia” at 1050 W. Broad Street as a coming-soon location on its official store directory.
The vertical design is different from the conventional suburban grocery-store model, which typically places a single-story supermarket behind a large surface parking lot. At Magnolia, structured parking allows the development team to place multiple uses on a relatively compact urban site.
That configuration could become an important example for future infill development in Athens, particularly on properties where land availability, walkability and proximity to established neighborhoods make large parking fields less practical.
New Retail Space Could Benefit From Publix Customer Traffic
In addition to the supermarket, Magnolia is expected to include approximately 15,000 square feet of street-facing retail and restaurant space.
Those smaller spaces could attract coffee shops, fast-casual restaurants, fitness concepts, personal-service businesses and other convenience-oriented tenants looking for access to UGA students and nearby residents.
Publix should help support those businesses by generating consistent customer traffic throughout the week. Grocery-anchored developments benefit from everyday purchases rather than relying entirely on occasional shopping trips or special events.
Residents living within Magnolia will also create a built-in customer base for the development’s shops and restaurants.
UGA Enrollment Supports Student Housing Demand
Magnolia’s residential component is positioned to benefit from the continued strength of the University of Georgia.
UGA reported total enrollment of 43,888 students for fall 2025, an increase of 1.7% from the previous year. The university also welcomed more than 6,200 first-year students from nearly 48,000 applicants.
That enrollment base creates demand for housing, restaurants, grocery stores, entertainment and personal services near campus.
Magnolia’s location gives residents convenient access to downtown Athens, UGA facilities and major roads connecting the property with other parts of Athens-Clarke County. The combination of housing and retail allows the separate components of the project to support one another.
Magnolia Enters a Tight Athens Retail Market
The Magnolia development in Athens, Georgia, is also arriving as the local retail market faces limited available space and relatively little new construction.
Athens’ retail vacancy rate ended the second quarter of 2026 at approximately 3.2%, according to NAI Elrod Group’s analysis of CoStar data. The report estimated that only about 19,000 square feet of retail space was under construction across the market, compared with a 10-year average of approximately 85,000 square feet.
Market asking rents averaged about $22 per square foot, while 65 retail properties totaling approximately $61.3 million in sales volume traded during the preceding 12 months.
Against that backdrop, Magnolia’s Publix and additional retail spaces represent a meaningful addition to the local development pipeline.
The project may be especially appealing to retailers seeking smaller spaces near UGA, where limited vacancy can make well-located storefronts difficult to secure.
Historic Magnolia Trees Remain Part of the Property
The redevelopment attracted early community attention because of the mature magnolia trees along Milledge Avenue.
Plans filed with Athens-Clarke County included protective fencing around the trees, which are more than a century old. Local planning officials confirmed that the trees were incorporated into the site plan rather than being removed during construction.
Preserving the trees gives the project a connection to the history and identity of the property while helping create a more established pedestrian environment.
JP’s Final Thoughts: Why the Magnolia Development Matters for Athens CRE
Magnolia brings together several of Athens’ strongest commercial real estate demand drivers: a nationally recognized grocery anchor, proximity to UGA, student housing demand, limited retail availability and an infill location near downtown.
The project also demonstrates how developers can reposition a prominent but underutilized property by combining residential density with high-frequency retail.
When it opens, the Publix-anchored Magnolia development is expected to turn the former Varsity site into a new destination for students, residents, shoppers and businesses.
For commercial real estate investors, developers and tenants watching Athens, Magnolia is evidence that well-located sites near the University of Georgia can support larger, denser and more urban mixed-use projects.
