ALTANTA-Downtown Atlanta is working to spark new development by identifying underutilized parcels of land—and facilitating funding for developers to build there. Central Atlanta Progress, a downtown development group, issued a map during Downtown Development Day last week that reveals five key areas it sees as ready for large redevelopments.
CAP's map includes an area near Five Points MARTA Station called the "Gulch," Fairlie-Poplar, Sweet Auburn and the so-called "railroad district" near Castleberry Hill. Jennifer Ball, vice president of planning for Central Atlanta Progress, tells GlobeSt.com there are 467 underutilized acres of land available in Atlanta's urban core that are prime for development.
"We’ve identified catalytic sites and locations that are critical to achieving the long-term goals to turn downtown Atlanta into a walkable mixed-use district," Ball says. "Other cities have tackled the issue of underutilized parcels and it has led to transformative projects. With these five sites, we are working to encourage rehabilitation, redevelopment or investments that forward that goal."
Ball says the map is needed because many times it's not apparent to developers that a parcel of land is available. In other words, there is no for-sale sign out front. But her message to developers is this: there is plenty of land vacant for large new developments and Atlanta is ready and willing to offer incentives through a public-private partnership to redevelop the land.
Tyrone Rachal, president of Imagine Downtown, an entity controlled by the Atlanta Development Authority (ADA), tells GlobeSt.com there is more than $265 million in redevelopment and infrastructure projects moving forward in Atlanta as a result of $35 million in local and federal incentives available through the ADA and the Atlanta Urban Redevelopment Agency.
"We've had a lot of success with tax credits," Rachal says "One of the properties on CAP's list of underutilized parcels last year was the Macy's building downtown. The developer, Davisons Downtown, asked us to partner with them on a portion of the financing. We provided a $12 million mezzanine loan at a 4% interest rate. That made the project possible."
The former Macy’s building at 200 Peachtree, is a third of the way through a nearly $35 million makeover to become a mixed-use events, retail and entertainment destination. The first redevelopment phase of 200 Peachtree yielded a 29,000-square-foot atrium for special events, the addition of a mezzanine level, and street level retail and restaurant space.
Davisons Downtown opened the Grand Atrium at 200 Peachtree in June. By mid-July the space had already been booked for more than 20 weddings, a Microsoft corporate event, and the National Black Arts Festival. The venue also hosted the July premiere party for “Say Yes to the Dress: Atlanta,” a TLC reality show that follows local brides on their quest to find the perfect wedding gown.
"These public-private partnerships like the one with Davisons Downtown is what's going to help revitalize downtown Atlanta," Rachal says. "The biggest challenge finding the right parcel and finding the capital. CAP has created a master plan for the entire downtown Atlanta area and the ADA is making that financing possible."
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