Atlanta Beltline Redevelopment Opportunities 'Endless,' says Angel Oak's Ben Easterlin

ATLANTA, GA—Redevelopment opportunities associated with the Beltline rehabilitation are “endless,” because of the scope of the Beltline’s former railroad right-of-way circling Atlanta, says Ben Easterlin, managing director, commercial lending, at Angel Oak Capital.

A former quarry area on the west side of the Beltline that once housed heavy industrial operations including an asphalt plant will now have retail, loft office space, and multifamily development, Easterlin says.

“Then you move to the east side, and you have former mills that have been transformed into projects called Ponce City Market that have food halls, and office space, and just thousands and thousands of units,” he says. “You’re getting art projects and parks, and just a very well-thought-out and master-planned use for the consumers that are going to live in these areas.”

The Beltline’s strength comes from planning that ensures a wide range of uses, Easterlin says. Affordable housing baked into many of the developments includes low-income senior living space that will offer seniors easier access to downtown hospitals, restaurants, and other amenities.

In fact, Easterlin says, Atlanta’s economy is on a positive trajectory over the next 12-18 months, with “massive” growth and more people moving into the region than leaving. He says the current positive inflow of new residents to the Atlanta metropolitan area will help make residential costs more affordable.

“We find that if you bring people back into this this community around these Beltline projects, then you can create affordable housing,” he says. “Obviously it continues to create job growth as well.  So, it’s a Yin and Yang, and they’re both working together. Right now, we’re not seeing any cracks in the egg.”

The success of the Beltline redevelopment so far is actually one of the potential stumbling blocks for future expansion projects, Easterlin believes.

“it’s the competition between trying to stay true to the project’s original identity and not create something that prevents others from being able to build or live alongside of it,” he says. “Obviously, people are looking in advance at areas along this rail line and purchasing property for higher amounts and increasing values that might prevent others from living there, but I feel that they’re trying to balance that, without going into too many zoning and restrictive uses, by just planning ahead, and focusing on the good areas for everyone.”

Another issue is ensuring that government funding remains available for key parts of the project, he says.

“I think the potential other likely issue is always making sure that you can find the matching funds from state and federal government to help you with these infrastructure projects,” he says. “And this is an infrastructure project, no doubt about it. This is not just a walking park. It is light rail, it is the ability for people to move around in Atlanta, and maybe move back in and take away from that urban sprawl.”