What is taking so long for any development plans around the Benz to happen?

[cqholt]

Originally Posted by David1502

You are forgetting something significant. Liberty Media, owner of the Braves planned for STP to be the anchor of a large mixed use development including the Omni Hotel and the Comcast office building as well as hundreds of apartments. You are right, a sports facility by itself is not a sufficient catalyst for development - the Atlanta Braves had a presence in the Summerhill area from 1965 and there is little to show for it. In fact, for 30 years, both the Braves and the Falcons had the Atlanta Fulton County Stadium as their home and not one high end hotel or restaurant was developed in that area. Waiting 30 years is a long time to see a return form the significant investment of Atlanta and Fulton County.

It was also the time of suburban flight. Only until recently has the back-to-the-city movement been full speed ahead in Atlanta.

[Be Proud]

Originally Posted by Atlanta3000

jsvh - I don't want to be insulting, but everything you said has no merit. First, prior to STP the Cumberland sub-market had not seen an office developed in 13 years. As a matter of fact, Cumberland has had more office buildings/sqft developed this cycle than any other market in Atlanta. Just today the ABC had an article stating the Brave's developer is planning the tallest office building in Cobb (32 stories) for ThyssenKrupp's planned HQ at STP. Comcast moved their Southeast HQ to STP from Peachtree Corners. Do you believe this would have happened without STP? Look at the entertainment and restaurants at STP. The majority of these are first to market in ATL and Downtown ATL would kill to have this lineup.



Summerhill development - is about twice the acreage as STP and nowhere near the density. Phase I of Summerhill includes just 30K sqft retail, 25K sqft office, 220 unit student housing, and 120 townhouse style apartments. Even at build out it pales in comparison to the density added in the STP area.


Links to Facts Below:



https://www.bizjournals.com/atlanta/...ys-growth.html


https://www.bizjournals.com/atlanta/...arm-seeks.html



BRAVES AND BUSINESS BOOM
Commercial property accounted for $9.39 billion of the 2018 projected digest — up 10.4 percent from 2017’s $8.51 billion. Personal property made up the digest’s remaining $3.06 billion, which showed little change from 2017’s numbers.
Thursday’s numbers were released around 10 a.m., about six hours before the Atlanta Braves took the field to play their first regular season game in SunTrust Park in Cumberland — the area White said is seeing the most commercial growth.
“There’s a lot of growth in entertainment (options) and excitement that’s going on in and around the stadium, and that’s certainly helping to push up the commercial digest. That’s a large portion of why we’re seeing a big increase this year,” White said.
Cumberland isn’t the only area seeing commercial growth, however.
“A lot of it is around SunTrust Park, but there’s other areas of the county — as you get up to (Kennesaw State University) in that commercial corridor, commercial properties are doing good,” White said.
In all, he added, commercial property values across the county have seen an uptick, with lower vacancy rates in strip shopping centers and apartments.
The values released Thursday were only county-wide estimates, with no figures broken down by city or area of the county. But White said the county has tracked the property value related to the Braves development.
In 2012, the fair market value for the Battery and Braves properties surrounding it was $19.6 million. On Jan. 1, 2017, just prior to the first opening season, its value was nearly 10 times higher at $181.5 million.
This year, the development’s value is an estimated $360 million, White said.
“We’re bearing the fruit of the county’s 100-percent commitment to making the Braves development a success,” said Cobb Chairman Mike Boyce after Thursday’s announcement of the digest. “We’ve done our part, they’ve done their part, and today, we’re seeing the fruits of that effort.”
With several new businesses coming online since Jan. 1 and others expected to open before year’s end, Boyce said, “the news will even be better next year, because it doesn’t reflect all of the development.”

Your facts are facts but they are largely irrelevant

You know well before the area around Suntrust was a stable ,well populated CBD area that has seen develoment. Of course not on the scale of Suntrust so I dont think anyone is denying that was a key development to the boom and renewed interest.
Cumberland Mall had received a major face lift with new store and renovations.The area has been growing.
Suntrust development was able to achieve what they achieved as it already had a foundation in which to build on.
There were no impoverished areas within close proximity of that development like there are near M-B Arena.
You are comparing areas like Summerhill but As Summerhill develops more development will come just like Suntrust where it started out as the one big Braves developer but other developers have also moved into the area at Suntrust

[Be Proud]

Originally Posted by primaltech

So you don't think that their choice of locating in short walking distance of the Battery/STP, has anything to do with Battery/STP?

I mean they might have chosen Cobb anyway, but that certainly seems like it was an attractor, for the location they are considering.

Whose to say they would have on to the Perimeter areas or somewhere else in the metro if Suntrust was not there?
Many companies are moving either in the city or closer to the Perimeter

[toll_booth]

Originally Posted by Be Proud

Your facts are facts but they are largely irrelevant

You know well before the area around Suntrust was a stable ,well populated CBD area that has seen develoment. Of course not on the scale of Suntrust so I dont think anyone is denying that was a key development to the boom and renewed interest.
Cumberland Mall had received a major face lift with new store and renovations.The area has been growing.
Suntrust development was able to achieve what they achieved as it already had a foundation in which to build on.
There were no impoverished areas within close proximity of that development like there are near M-B Arena.
You are comparing areas like Summerhill but As Summerhill develops more development will come just like Suntrust where it started out as the one big Braves developer but other developers have also moved into the area at Suntrust

Not to mention how amazing development can be when it's on the taxpayers' backs.

[jjbradleynyc]

Originally Posted by citidata18

Cumberland is the fastest growing and most highly-sought after part of Atlanta. When developers decide on where to invest their dollars, their preferred choice will be areas where they can get the biggest return.

Downtown Atlanta is simply not there yet. It's not growing all that rapidly (population nor employment-wise) to support the type of development happening in Cumberland.

Again, like I said, it boils down to market conditions. Let's not overcomplicate things.

Well said--exactly.

Developers of luxury high-rises, class-A office space and millenial type/luxury bars/eateries/upscale retail would much rather invest millions of dollars into proven areas with hundreds of thousands of people with disposable income.

Think Cobb County, the Perimeter, Midtown or Buckhead--rather than rolling the dice and risk putting the same types of upscale developments and millions of dollars into the westside of downtown Atlanta, which essentially is a lower income, historically more crime ridden part of Atlanta.

This will all change--and has to--due to Atlanta's consistent and continual boom and growth. But, as others have said, will take time. I'd say in 5-10 years, that area will start to take off.