Holy mackeral -- 3 acres in Cumberland for $8.7 million! (Atlanta, Marietta: apartment, mover)

[netdragon]

Woah, I was trying to find out information on the new mixed retail/residential development going up on the corner of Cumberland and Cobb Pkwy in Cumberland and found out that a developer paid 8.7 million for 3 acres in Cumberland right next to the Galleria on the corner where the Men's Warehouse currently is (a different location than that new community going up). I can't believe 3 acres can go for so much.

[Tdiddy0027]

well, land is a lot harder to come by in more developed portions of metro Atlanta. Plus, that area is a hot spot right now.

[atlantagreg30127]

The Cumberland Mall area was in decline for a while, but then the Mall did a multi-million dollar renovation and has started attracting a higher end shopper. Likewise, Costco opened a warehouse behind it, and the new performing Arts Center next door has really jump started the whole area again. Expect more high dollar sales.

[netdragon]

And $1 billion slated for investment around Cumberland... That's a lot of dough and can go a long way. Adrian's Landing in Hartford, CT (still being built) was about $1 billion and includes a college football stadium, a science center, a hotel, 3 mid-rise condos, a convention center, quite a bit of mixed shopping and housing, and some older apartment building renovations. I can't wait to see what they are planning to do with all that money. A parking garage or two can't hurt :-)

I wonder why as part of the Aker's Mill strip mall renovations it isn't having underground parking put in like they are doing in Smyrna's Jonquil plaza so that strip mall can be turned into a mixed retail/residential community.

I found this AJC article about more redevelopment going on in Cumberland and the Cobb Galleria website talks of streetscape projects being planned. I can't wait to see how it all looks when it's done.

[atlantagreg30127]

For years they've talked about a light rail system that would connect the Cumberland area with Marietta. Like many projects it's one of those things where they talk about it forever, then create a "task force" to study it, plan it, budget it, and then realize they've been talking about it for 25 years and nothing is built yet.

If someone is smart, they'd start planning on a "people mover" type of thing. Similar to what's in the airport. It would connect Cumberland to the Galleria, and have platform stops at the varied hotels and offices in a loop in that area. It really is NOT a pedestrian-friendly area, and the traffic is so bad already it's a pain in the ass to go from point A to point B even just a block away sometimes. A people mover would really make it convenient for people to move around that complex area without having to get in their cars multiple times just to go a block or two more than once to do several things.

[atl1221]

Cumberland has come a long way in just a few years time. The new restaurant area is awesome.