The Atlanta Braves' plan for a new stadium in suburban Atlanta could be a home run for one DC landowner. (Should Nats fans root for the Braves? It hasn't been this hard to know who to root for since the last time all three Alou brothers played in one game.)
If the Braves close on the land at the intersection of I-285 and I-75 in Cobb County--a dozen miles north of Turner Field--then DC-based BF Saul Co could reap an estimated $36M for the 60 acres, sources tell us. Details of the transaction, handled by a team of brokers from JLL's Atlanta office, have been held close to the vest. But the land will make way for a $600M-plus stadium (in blue), and surrounding mixed-use development (in red) could exceed $1B, predict our numerous sources.
The question on Atlanta commercial real estate minds is who's going to develop that mixed-use project. The Braves haven't released specifics on their vision. But most expect to see a mixture of hotels, restaurants, retail, and even possibly office and housing--similar to new stadium projects in Minneapolis and Denver. Commercial Property Professionals' Furman Wood (above, who's also past Atlanta Commercial Board of Realtors prez) calls the Braves' move a huge boon for the Cobb Galleria/Cumberland area. But he's still skeptical about whether Cobb taxpayers will approve the money--"and that the City of Atlanta is not going to put up a fight."
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