CAP/ADID - Five Reasons Downtown Atlanta Is A Good Choice

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Downtown News

Five Reasons Downtown Atlanta Is A Good Choice

November 28, 2004

A.J. Robinson,
President,
CAP/ADID

There's a buzz about Downtown Atlanta that has people listening and looking at what is going on. At virtually every level that you could gauge a market, Downtown has good things happening.

On the commercial front, there are five distinct reasons Downtown is attracting its overdue share of attention and why today it is a very good choice.

Reason one. Downtown Atlanta is easier to get to than any submarket in the metropolitan area. We have more roadways, more interstate exits, more bus routes, more transit tracks and more transit stations than any other area in and around Atlanta.

Reason two. Downtown's a deal when it comes to quality and the cost of commercial space. Simply put, there is no better time and place to consider Downtown than now. The price is right but you can bet that the value you can find today will be even more valuable in the future.

Reason three. Look north, south, east or west. What do you see? A 360-degree access to a quality labor market. On a daily basis, more than 137,000 people come into Downtown for employment and, with Downtown's booming housing trend, many just walk to work. More housing is announced every day, moving a top-notch labor market closer every day.

Housing Boom Downtown today is 60% higher in residential density than the city as a whole. The proximity to a variety of employment choices, unique housing features, and energy of an urban environment, along with the diverse population and lifestyles, has brought this market to life. It is not surprising that developers are responding to the demand by building more urban housing options. Since 2003, the total number of new housing units built, under construction or planned to be built equals almost 7,000 units:
Residential Development	Number of Units
Auburn Glenn	271
Capitol Gateway	873
Centennial Park East	200
Centennial Park North	150
Centennial Station	58
Central City	88
Central Park Lofts	35
City View	202
Dynamic Metals Lofts	39
Georgia State University	2000
Grady Apartments	600
Hope House	70
Irwin Street town homes	6
King Memorial MARTA development	220
Legacy at Castleberry Hill	141
Northside Village	29
Oakland Park	62
Peachtree Portal	1050
Sweet Auburn Village	150
The Gellerstedt Group project	250
The Reynolds	130
The Waterford on Piedmont	153
Total	6,777

Reason four. Incentives that are available in Downtown serve to make a good deal even better. Virtually the entire area in Downtown falls in one of two tax allocation districts (TAD) - one on the west and one on the east. Developers are finding that this one incentive really places Downtown on the top of the short list when choosing a new location for housing, commercial or mixed-use projects. When you add in job tax credits to the mix, we believe you would be hard pressed to find a better deal on a location than Downtown.

Downtown TADs: Eastside and Westside
Did you know that virtually all of Downtown Atlanta is located within two tax allocation districts (TADs)?

A tax allocation district, elsewhere known as a tax increment financing district, is a local financial tool used to redevelop urban areas.
The Westside TAD was established in 1992 and then expanded in 1998. This area is generally west of Peachtree Street.
In December of 2003, the Eastside Tax Allocation District was created to the east of Peachtree Street, adjacent to the Westside TAD, in an effort to unify the Downtown area.
Tax-exempt bonds are issued to pay front-end infrastructure and eligible development costs in partnership with a private developer. As redevelopment occurs in the district, the "tax increment" resulting from redevelopment projects is used to retire the debt issued to fund the eligible redevelopment costs. The public portion of the redevelopment project funds itself using the additional taxes generated by the project.
TADs provide incentives to stimulate new investment in the established district and encourage new infill office, residential and retail development.

If you would like to find out how it can benefit your project and assist in the redevelopment of the whole area, please contact us.

Reason five. Central Atlanta Progress and the Atlanta Downtown Improvement District are guiding how Downtown develops through our Imagine Downtown planning process that is quickly moving into its implementation phase. Partnering with the City, we've involved thousands of individuals, stakeholders and the general public to help identify development opportunities in the areas of transportation, commercial office space, retail, mixed use and housing. And we are here to help you figure out what opportunities are waiting for you in Downtown Atlanta.

OK, there are the reasons that make Downtown a great choice. Does anyone else believe, as we do, that Downtown Atlanta is THE MARKET? Most definitely, yes. Click here to see what projects are under way in Downtown Atlanta.

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