July 28, 2015

Braves Transforming Cumberland into Mixed-Use Destination

Ackerman & Co is vying for the sheen of the Braves SunTrust Park project with a mixed-use project of its own.

Ackerman's Pat Chesser detailed what it's planning at Stadium Walk, the firm's first foray into mixed-use since completing Perimeter Town Center last decade, at our Future of Cumberland event last week. Pat says the project will include retail, 300-plus apartment units and two limited-service hotels with a total of nearly 300 rooms. 

PM Realty (Piedmont14-15) MATL

With this project, the Braves stadium and a number of other new office buildings and redevelopments being floated in the area, Pat likened the Cumberland/Galleria area to another hot US city. “Any of you had been to Denver 15 years ago, it used to be just an airport and a staging ground to Vail to go skiing. Today, it's kind of the spot. You almost want to hang out in Denver and then maybe go skiing,” he says. That's where Cumberland could be headed. “I would be very excited for us to morph into something like LoDo Denver.

Pat was part of a lineup of commercial real estate pros at the event, which included Pursley Friese Torgrimson's Christian Torgrimson as moderator; JE Dunn's Mike Bartlett; Cumberland CID's Malaika Rivers; Childress Klein's Connie Engel; and Seven Oaks Properties' Bob Voyles, who himself is starting a development near the new Braves stadium: Riverwood 200, which is already 70% pre-leased, as we reported here.

But the Braves effect goes well beyond a spur of new development. It potentially will also be the catalyst for redevelopment of the area's retail juggernaut, Cumberland Mall, Bob (here with Connie) says. “That's really a key driver to completing the live/work/play place for this area,” he says. Bob says he believes General Growth, owner of the 1M SF mall, is eyeing a radical redevelopment into something more mixed-use, but he didn't provide details. 

Malaika says the Braves project is establishing a mixed-use mentality in Cumberland that will transform the submarket in a decade. But it's not just destinations that are making that a reality. She cites the $3B in investment by the CID (which includes $1.5B in private funding) from 2013 to 2018, with new green spaces, sidewalks, roads and even a trail system around the Chattahoochee River. It's already helped existing property owners, who've seen properties go from selling 25% above county assessor pricing to 75% on average. “What I think the next three to five to 10 years will bring, the livability and amenities that make a community a community,” she says. “Taking your bike, going for a run, coming from a built environment and walking 100 feet to pristine national parkland. That's what makes a community a community.”

  Share: Email Facebook Twitter LinkedIn  
Xceligent (Direct) ATL
Malone (BaseBuilding) ATL
Bisnow (StandOut) HALF
CohnReznick (Field2) ATL
Bisnow (Niche-Orange)

Top stories on Bisnow.com

Are You Ready to Acquire Your First Investment Property? What Does a Fed Rate Hike Really Mean for Commercial Real Estate? 10 Top Economists Weigh In
Panic Selling Sinks Chinese Stock Market Denver, San Francisco Post Biggest Home Price Gains

Terwilliger Pappas Backs Out of $300M Mixed-Use Project in Nashville

Charlotte-based apartment developer Terwilliger Pappas Multifamily Partners has followed in the footsteps of Concord Hospitality and pulled out of Alex Palmer's struggling West End Summit development in Nashville. Terwilliger Pappas had planned to build several hundred luxury apartments for the $300M mixed-use development, but construction has been at a standstill for the past two years, despite a real estate boom in the area, Charlotte Business Journal reports. Palmer's envisioned project (pictured) was supposed to feature twin office towers of 900k SF combined, an InterContinental Hotel and possibly condos. Office tenant HCA Holdings and lender Wells Fargo have also backed out of the project; however, Goldman Sachs has stepped in to take Wells Fargo's place, and InterContinental Hotel is still in talks with Palmer. Headed up by Ron Terwilliger and developer Peter Pappas, Terwilliger Pappas has offices in Atlanta, Charlotte and Raleigh, and is responsible for the Solis brand of apartments. The developer still plans to buy a site a half-mile away on 18th Avenue South, where it will build Solis 18th Avenue, a $54M project featuring a 12-story building with 200 units. [CBJ]

  Share: Email Facebook Twitter LinkedIn  
Arent Fox (REI2) ATL
Bisnow (RawSpace-Pairs) HALF

What Does a Fed Rate Hike Really Mean for Commercial Real Estate? 10 Top Economists Weigh In

There are growing expectations that the Fed will raise interest rates by as early as September. Bisnow polled 10 of the country's top economists to find out what a hike really means for commercial real estate. See what each one had to say.


Denver, San Francisco Post Biggest Home Price Gains

Home prices rose 4.9% in May, according to the latest S&P/Case-Shiller index released this morning. The improvement was just slightly slower than April's 4.9% jump and spoke to increased purchasing power following labor market gains. Still, homeowners remain skittish about putting their houses on the market, which has led to a relatively small supply and steep price jumps in several metropolitan markets. Denver logged a 10% price hike in May, followed by San Francisco at 9.7% and Dallas at 8.4%. Washington, DC, at 1.3% growth, saw the skimpiest bump. The Fed's expected interest rate hike later this year is also playing a hand in energetic buyer activity. A report last week showed existing home sales at their highest level in eight years.

Tell Us

It's always an odd feeling when you shop for school supplies while it's 95 degrees outside. Send your news to Jarred@Bisnow.com.