MARTA stations draw developer interest (Atlanta, Sandy Springs: real estate, apartments, leasing)

[magnetar]

There's a great article in Friday's AJC about MARTA's transit-oriented development progress. Forgive me if I'm wrong but it looks like this is accessible for free to non-subscribers: MARTA stations draw developer interest | www.myajc.com

There's some things we already know (even if some forum members can't bring themselves to believe it), like:

Many young workers prefer to live in more urban areas, are more likely to eschew cars and demand public transit and walkable communities. Major corporations seeking top talent have taken note.

And some new information about demand for the TOD projects:

[MARTA senior director of transit-oriented development Amanda] Rhein said developers have shown great interest. Representatives from about 150 companies attended a development day event in June.

“We have meetings on basically a daily basis to talk to developers about a number of different opportunities, whether they are near-term or long-term,” Rhein said.

It mentions the previously-announced projects; King Memorial, Avondale, and Edgewood/Candler; plus:

Brookhaven/Oglethorpe will be the next in line, though a developer has not yet been selected. The fifth station to be developed is still undecided, but it will be on the south or west branches of the system.

It talks a little bit about transit-oriented developments that are happening on their own independently of MARTA's projects, specifically the State Farm development in Dunwoody and new towers proposed near the Sandy Springs and Buckhead stations (and I'll add the Elan 144 development near Inman Park/Reynoldstown station to that). The money quote comes from the mayor of Dunwoody:

[Dunwoody Mayor Mike] Davis tells interested businesses to consider offering employees MARTA passes rather than throwing money at big, costly parking decks and lots.

“Building parking for one employee is pretty expensive,” he said. “The MARTA path is not expensive at all.”

Good news about MARTA's existing TOD:

In addition, MARTA is partnering with Urban Land Institute to improve Lindbergh Center. Lindbergh has a strong rate of occupancy in the apartments, but also has a lot of vacant retail space, Rhein said.

And the most exciting prospects, though they're still far in the future at this point:

MARTA is also gauging interest from developers in leasing the rights to build a high-rise hotel, office or residential tower above its urban stations at Lenox, Arts Center, Midtown and North Avenue. Rhein said she isn’t sure if the property values would support the increased cost to build atop an active transit station.

It's a good article, so check out the rest if you can.

[cqholt]

Cannot wait to see the improvements at Edgewood/Candler Park station.

[LynnHarris]

Thanks for posting the article link and also providing a breakdown on the future developments and details...

[magnetar]

Originally Posted by cqholt

Cannot wait to see the improvements at Edgewood/Candler Park station.

Same; I feel lucky here on the east side -- my station (Inman Park/Rtown) has nearby developments happening on its own, and the stations on either side of me, King and Edgewood, are both being redeveloped. Exciting times.

[cqholt]

Originally Posted by magnetar

Same; I feel lucky here on the east side -- my station (Inman Park/Rtown) has nearby developments happening on its own, and the stations on either side of me, King and Edgewood, are both being redeveloped. Exciting times.

Unfortunately the parking lot is owned by gdot. The south side of the station has no land.

[Gulch]

Originally Posted by cqholt

Unfortunately the parking lot is owned by gdot. The south side of the station has no land.

Even so, there's the project over on Moreland/Brantley near the Edgewood Retail District and the apartments on Seaboard next to the south station entrance will probably be redeveloped in the near future. The parking lot owned by GDOT on the north side is usually pretty well used anyway.

[MattCW]

This is all excellent news! I'm particularly impressed with any development around Inman Park/Reynolds town station as with the walkable Edgewood retail complex literally right across the street, I think it will be one of the few places around Atlanta where a true 0-car lifestyle can be achieved with minimal fuss (i.e. not having to rely on our bus "system").

[magnetar]

Originally Posted by cqholt

Unfortunately the parking lot is owned by gdot. The south side of the station has no land.

Yeah, too bad about the GDOT land in Inman Park -- but as Gulch mentioned there's still plenty happening around that station; I was referring to Elan 144 and the Weatherby Townhomes & Flats developments, both within a block of the Inman Park/Reynoldstown station.

Originally Posted by MattCW

This is all excellent news! I'm particularly impressed with any development around Inman Park/Reynolds town station as with the walkable Edgewood retail complex literally right across the street, I think it will be one of the few places around Atlanta where a true 0-car lifestyle can be achieved with minimal fuss (i.e. not having to rely on our bus "system").

I know I'm biased, but I chose to live in Reynoldstown for exactly this reason; it seemed like the most affordable place to be that put me within walking distance of both the Beltline and MARTA rail.

[cqholt]

Originally Posted by Gulch

Even so, there's the project over on Moreland/Brantley near the Edgewood Retail District and the apartments on Seaboard next to the south station entrance will probably be redeveloped in the near future. The parking lot owned by GDOT on the north side is usually pretty well used anyway.

We need to pressure gdot to lease the land. Its prime real estate being wastee.

[cqholt]

Originally Posted by Gulch

Even so, there's the project over on Moreland/Brantley near the Edgewood Retail District and the apartments on Seaboard next to the south station entrance will probably be redeveloped in the near future. The parking lot owned by GDOT on the north side is usually pretty well used anyway.

We need to pressure gdot to lease the land. Its prime real estate being wastee.