For years, East Lake has had places to live and places to go, but fewer places designed simply for neighbors to come together. Vela Park is aiming to change that.
The nearly 12-acre mixed-use development in East Lake brings 328 residences, including 43 rental townhomes, green space, retail and dining together, with Vela Park Food Works serving as its culinary and gathering hub. Developed by Perennial Properties as part of its more than $200 million investment in East Lake at 1881 2nd Ave #100, Decatur, GA 30032,Vela Park began leasing in July, with Food Works holding its grand opening Aug. 5.
The name Vela Park was chosen to complement Perennial’s nearby East Lake property, ELLA, after the company considered hundreds of words before settling on “Vela,” a name inspired by its sound and meaning in Greek mythology. “Park” was added to reflect the development’s expansive green space, which is intended to be open to the broader community.
For Perennial Properties Founder and CEO Tim Schrager, the idea behind Vela Park was less about creating another residential development and more about creating a place where people could spend time.
“For us, Vela Park was all about placemaking,” Schrager said. “We wanted to provide a destination for people in the East Lake area, something that has not existed in this neighborhood for many years.”
The development sits on the former Bag Factory site, a property that Perennial said had been largely vacant for decades. It includes apartments ranging from studios to two bedrooms and two- and three-bedroom townhomes, as well as an expansive green space and activity lawn.
Vela Park Food Works is intended to be a central part of that gathering space. Created by food hall developer Robert Montwaid, the food hall has six independent kitchens and a full-service bar, along with indoor and outdoor seating.
“The food hall concept, it’s very different from a standalone restaurant,” Schrager said. “It’s more conducive to social interaction.”
Food Works includes concepts offering pizza, Southern fried chicken, seafood, Latin American and Caribbean food, North Carolina barbecue and desserts. The park also includes a stage intended for entertainment and community events.
“You can have a beer. You can have a meal, or you can just bring your dog and hang out in the park,” Schrager said. “And there’s a stage. The stage will be a place for entertainment, and it’s just going to be a great place for community events.”
The property has already hosted community programming. Before the property was completed, Vela Park hosted the East Lake Music Fest, which Schrager said drew hundreds of people. While Perennial does not yet have a set schedule for future programming, he said the company hopes the neighborhood will use the space for everything from small neighborhood meetings to larger events.
The development also includes about 5,000 square feet of neighborhood-serving retail, coworking spaces, a podcast studio, a pool and a two-story clubroom.
For Schrager, the investment is part of a larger effort to contribute to East Lake’s development. He said Perennial hopes Vela Park and its nearby ELLA development will serve as a catalyst for additional investment in the neighborhood.
“Our hope is that these developments will be a catalyst for much greater investment in East Lake,” he said.
That growth also comes with questions about who will be able to live in the changing neighborhood. Schrager said Vela Park offers a range of housing options, from studios to larger townhomes, in an effort to appeal to residents across different stages of life.
Ultimately, Schrager said he hopes Vela Park becomes more than a new development.
“We just hope it’s a catalyst for much more to come for the neighborhood,” he said.
