More than 300 apartment units could be ready for occupation by late 2015 as the first residential project to be developed in the neighborhood around the new Atlanta Braves ballpark in the Cumberland Galleria area.
A new $672
million Braves stadium has been proposed for the Cumberland area. Planners say the stadium area will be enhanced by green space,
an outdoor amphitheater, and nearly half a billion dollars in restaurants,
retail, residential, and hotel space.
According to information provided by the Braves, the first phase of the project is slated to create 700,000 to 1 million square feet of facilities designed to "enhance the fan experience."
Atlantic Realty Partners of Atlanta recently bought 8 acres next to the site of the stadium for $7.6 million, reports the Atlanta Business Chronicle. The developer plans to build more than 600 apartments.
“These locations are going to go like crazy,” Atlanta Braves President John Schuerholz recently told the business publication about the office, retail and residential mixture envisioned around the stadium. “People are going to want to be in there.”
In phase one of the project, a five-story development encompassing 320 units would break ground in July with a completion date of late 2015, the business site says. Another 285 apartments are part of phase two, with ground-breaking possible a year after the first development.
Patch earlier reported that on Tuesday night,
Cobb County commissioners are set to vote on a resolution to authorize
borrowing $397 million to pay for the new Braves stadium.
The figure is $29 million more than what the county has long said it would borrow for the $672 million stadium. The $29 million cushion is being built in to allow for flexibility if the county should exceed the maximum cost listed in the bond resolution.
Cobb is also borrowing money to pay the first 15 months of interest on the debt, and all of the borrowing costs.