Clock ticks on $1B Turner Field redevelopment (Atlanta: for sale, real estate)

[Airforceguy]

Glad to see plans for the redevelopment of the Ted have grown. If everything happens according to plan, this truly will transform Summerhill and the surrounding area.
News - Atlanta Business Chronicle

[CCATL]

Would it be possible to summarize the plans from the article? Not a subscriber, but very interested to know what the developments are. Thanks!

[jsvh]

Article is available as a "Social Freebie" if you goto the ABC's Facebook.

The redevelopment of Turner Field could expand to include $1 billion of investment around “The Ted" and bring the Atlanta streetcar down Capitol Avenue.

That's up dramatically from the $300 million transformation of the ballpark that Atlanta developer Carter, Columbia Residential and Georgia State University announced this spring, including student housing, a baseball park and a track-and-field stadium.

...

Carter expected the nearly 80 acres around Turner Field would be for sale by now, sources said.

...

The Authority cannot put the land on the market until the Braves agree to end their lease. The team is negotiating to potentially opt out of that agreement earlier, clearing the way for the land to be sold, but remain at Turner Field through the end of 2016.

...

But, the Carter-led development team may be starting to sweat the delays, a bit.

It would take at least two years from today to plan, design, and begin to complete the first phases of the project. Historically, the economic cycle is probably at its halfway point, analysts say.

Developers and their potential equity partners would be less comfortable delivering new housing and retail toward the end of an upswing.

“I think the question we should really ask ourselves is how long can this expansion last," CBRE Inc. economist Richard Barkham told Atlanta real estate executives Oct. 22 during a market forecast.

The average U.S. economic cycle in the postwar period is seven years, Barkham said. The average of the last three cycles is nine years.

“If you date this current expansion back to 2009 and add 9 years to that we can be very optimistic this can continue," Barkham said, cautioning that “the zone of danger is 2018."

“If you are contemplating projects now, you need to get them properly squared away by 2017," Barkham said.

Braves need to hurry up and GTFO!

[CCATL]

Originally Posted by jsvh

Article is available as a "Social Freebie" if you goto the ABC's Facebook.


Braves need to hurry up and GTFO!

Thank you! The Braves seriously need to just leave. They already made it clear they have no intention of staying, so what's the hold up? This redevelopment sounds amazing, probably too good to be true, but I'll keep my fingers crossed. This is very exciting for Summerhill, Peoplestown, and Grant Park!

[Gulch]

Originally Posted by CCATL

Thank you! The Braves seriously need to just leave. They already made it clear they have no intention of staying, so what's the hold up?

Probably hedging their bets in case their Disneyland up in Cobb gets delayed beyond Opening Day 2017.

[onemanarmy]

Originally Posted by Gulch

Probably hedging their bets in case their Disneyland up in Cobb gets delayed beyond Opening Day 2017.

Well, that would keep in them in Turner Field for until 2011. Their renewal is for 5 years and the Mayor said it's all or nothing.

[bfarley30]

News - Atlanta Business Chronicle

This hopefully will give everyone the full article

[netdragon]

They need to get a move on. The timing is good for me selling my investment properties nearby, now rented.

[MathmanMathman]

So does that knock Georgia State out of the project? I think GSU is still the best option. It's not a choice location and no matter how much money they pour in, it won't work. GSU is the best option.

[jsvh]

Originally Posted by MathmanMathman

So does that knock Georgia State out of the project? I think GSU is still the best option. It's not a choice location and no matter how much money they pour in, it won't work. GSU is the best option.

I think this article is saying the original $300M GSU project is now may be expanded into a $1B project.