EAST-WEST CORRIDOR EXISTING CONDITIONS

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Francine Helen Miles
5 years ago
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1 EAST-WEST CORRIDOR EXISTING CONDITIONS

2 EXISTING CONDITIONS : PREVIOUS PLANS & STUDIES 7 recent planning efforts areas of overlap are of particular interest

3 EXISTING CONDITIONS : LAND USE large concentration of institutional uses (light blue) substantial portion used as parking (grey) some mixed-use, but mostly 1-4 stories

4 EXISTING CONDITIONS : ZONING majority covered by SPI-1 district Downtown Livability Code expected to be adopted in Summer of 2007

EXISTING CONDITIONS : TRANSPORTATION PATTERNS Great transit accessibility 6 MARTA Stations, potential Peachtree Streetcar One-way streets help

5 EXISTING CONDITIONS : TRANSPORTATION PATTERNS Great transit accessibility 6 MARTA Stations, potential Peachtree Streetcar One-way streets help move traffic: Piedmont-Capitol/Courtland-Washington and Spring/COP Drive East-West streets important MLK Jr. Drive, Memorial Drive, Decatur Street

6 EXISTING CONDITIONS : PUBLIC SPACE & PEDESTRIAN FRAMEWORK very little public space compared to northern areas of Downtown main public spaces at Underground Atlanta, State Capitol and City Hall pedestrian movement concentrated around civic buildings and to/from MARTA

7 EXISTING CONDITIONS : PROPERTY OWNERSHIP & ONGOING PROJECTS majority of property owners are government and educational entities 5 major development projects, 4 of which are by governmental entities

8 EXISTING CONDITIONS : DEVELOPMENT OPPORTUNITIES large amount of historic resources (in yellow) the Gulch is largest development opportunity surface parking lots to west and around Garnett Station are long-term opportunities many short-term opportunities along Memorial Drive (to east)

9 HOW SHOULD WE THINK ABOUT THE EAST-WEST CORRIDOR?

10 EASTERN SUBAREA : ONGOING PROJECTS Underground Atlanta City of Atlanta Facilities Expansion State Capitol Campus Improvements Capitol Gateway King Memorial TOD

11 EASTERN SUBAREA : ISSUES & OPPORTUNITIES Downtown Connector as a barrier Opportunities to further office & institutional development? How to create a signature public realm? How to capitalize on proximity to MARTA system? Name recognition of Underground Atlanta Relocation of World of Coca- Cola

12 WESTERN SUBAREA : ONGOING PROJECTS Vine City Redevelopment GWCC Long-Term Improvements Gulch/Multi-Modal Passenger Terminal Federal Center Improvements and Expansions Railroad District Developments

13 WESTERN SUBAREA : ISSUES & OPPORTUNITIES The railroad Gulch as binding element Connections to adjacent neighborhoods? What can be implemented immediately? How to encourage housing and mixed-use development? Air-rights development vs. opportunities for future transportation connections

14 EAST-WEST CORRIDOR MARKET CONDITIONS

15 MARKET CONDITIONS IN THE EAST-WEST CORRIDOR 6,251 people live here today, expected to grow 39.1% by 2020 Average resident = 31-years-old, African- American, high school/some college, whitecollar/service occupation 1,841 households (41% singles) Median income = $26,138 (higher than Downtown, lower than entire City) Georgia State University enrollment will increase from 27,200 in 2004 to 36,000 by 2015 (30% increase) 47,704 people work here today - public administration (58.4%), services (20.1%) 3.5 to 4.5 million visitors come annually to visit attractions

5% vacancy rate 398,588 SF of retail space, with Underground Atlanta dominating that space, at 220,000 SF

16 MARKET CONDITIONS IN THE EAST-WEST CORRIDOR 2.3 million SF of existing competitive office space in the Corridor with a 15.5% vacancy rate 398,588 SF of retail space, with Underground Atlanta dominating that space, at 220,000 SF 2,041 existing housing units, 85% of which are Multifamily units (69.5% rental) Average sales price of a home increased from $206,440 in 2004 to $274,229 in 2006 Over 2,500 residential units under development

Gulch 2006-2020 = projected demand for 7,613 residential (mostly 1 and 2-person households) Based on 5,729 jobs by 2020, there will be

17 MARKET CONDITIONS IN THE EAST-WEST CORRIDOR 6 Main Catalytic Projects: Eastside Residential Renaissance State Capitol Complex Expansion and Mall Underground Atlanta/Five Points MARTA rail station The Railroad District Expanding Federal District The railroad Gulch = projected demand for 7,613 residential (mostly 1 and 2-person households) Based on 5,729 jobs by 2020, there will be demand for 708,000 SF of additional office space Existing retail potential of area of $142 million projected to increase to $173 million by 2012

NOW OFFERING. Maggiano s Ground Lease 3368 Peachtree Road Atlanta, Georgia 30326

NOW OFFERING. Maggiano s Ground Lease 3368 Peachtree Road Atlanta, Georgia 30326 NOW OFFERING HYPER-CORE GROUND LEASE FUTURE REDEVELOPMENT OPPORTUNITY HIGH-DENSITY ZONING Maggiano s Ground Lease 3368 Peachtree Road Atlanta, Georgia 30326 2 EXECUTIVE SUMMARY Ackerman Retail, a division