Spec Office, Restaurant LOIs On Tap For Turner Field Redevelopment
Boutique, speculative office construction could be coming to Downtown Atlanta. In fact, it could be coming to the former home of the Atlanta Braves.
David Nelson, senior vice president with Atlanta developer Carter, said the first phase of the Turner Field redevelopment will include a spec, 30K SF office project geared toward creative office and co-working tenants. Construction financing would be packaged along with plans for a 120-unit multifamily project, both of which could start early next year.
News of the redevelopment progress comes a week before Nelson is set to speak at Bisnow's Atlanta's Southside Rising event.
Carter is part of the co-development team on the redevelopment, along with Oakwood Development and Healy Weatherholtz and Georgia State University, which purchased the stadium and its surrounding 60-plus acres at the start of the year for its football program. The Braves made a high-profile and controversial move to Cobb County for the now-open SunTrust Park and The Battery mixed-use project. The revenue for opening night for the Braves was the strongest in the team's history.
The stadium, already underway in its redevelopment, will open in August, Nelson said. The mixed-use project is called Summerhill, according to Carter's website.
There already has been momentum. Carter snagged two letters of intent with retailers, a brewery and a BBQ restaurant, for the 30K SF of retail space that is part of the first phase, Nelson said. And there is interest in other retailers, mostly restaurants and entertainment venues. The retail portion will break ground in October, while a planned 700-bed student housing tower should break ground in January, he said.
“We had very good response, and it is locally driven, intown [operators], pretty much all food and beverage driven,” he said, adding that many restaurants see the Turner Field area as underserved.
The grand vision of the project could see 1.5M SF of office, 700K SF of commercial/retail space, more than 2,700 apartment units, 50 single-family houses and 625 hotel rooms, according to a recent development of regional impact filing with the Georgia Department of Community Affairs.