Woodkirk Stone
Centennial Yards is the project 50 acres transforming a giant hole in downtown Atlanta into a $ 5 billion mixed and entertainment district.
Former real estate companies trained teams to try to rearrange the collection of parking lots and railway tracks known as “Gulch”. “But, these groups struggled to make the numbers work on a project with its scale and complexity.
In 2018, Los Angeles real estate developer CIM Group was the single bidder and even promised $ 500 million in private capital to build a 40-foot platform that will raise The Gulch to street level. After a controversial series of public meetings, the CIM won Approval of the municipal council.
Brian McGowan, former CEO of Invest Atlanta before moving to an economic development role in Seattle, is now president of Centennial Yards Co. In an interview with the Atlanta Business Chronicle, McGowan said construction of a Centennial Yards hotel could begin by the end of next year and end in 2024. The project is designed as a hotel. charming, smaller than the Signia by Hilton under construction at the Georgia World Congress Center.
CIM is also negotiating with several developers of apartments and townhouses.
“The residents,” McGowan says, “revitalize places like this.”
Centennial Yards South will be the first of five phases. The attics should open this month and Wild jump The brewery is expected to open this fall.
McGowan spoke to the Atlanta Business Chronicle about the massive project, once featured at Amazon, about its potential to attract a large tech company, its efforts to finance and install infrastructure and form development partnerships.
Microsoft and Google have announced expansions in Atlanta. Are you considering securing a commitment from a company of this caliber at Centennial Yards?
“It is possible. We are currently in discussions with a number of large companies, just to make sure they are aware of the opportunity here. Coming from the west coast, I think Atlanta is very hot right now. for tech companies This is a perfect site for a large West Coast tech company.
What is the deadline for raising the platform to street level?
“There has been a tremendous amount of work that has taken place here over the past two years. It is not visible. You are building the infrastructure of a city within a city, so it takes a lot of engineering, design and thinking. Plans are in place so that we can start building. Over the next year or so, you will start to see infrastructure.
Where does the money come from to finance the infrastructure?
“CIM is a very large company, and a lot of funding comes from investors. They raised funds to do projects like this. The other money will come from the incentive. Sales tax and property tax cuts will help play for infrastructure … Not all infrastructure will come in at the same time. There will be sections.
How much has the pandemic set you back?
“I don’t think that made us back down. Maybe some tracks slowed down, but the construction work on this project never stopped.
But what about the bonding process?
“Yeah, that slowed things down. It was a challenge. It dragged things along.
How much do you rely on companies moving their operations to the site?
“It will happen … There are many cities vying for [tech jobs], but no one is better placed for it than Atlanta. The demand for offices will be very strong in the city. there is no doubt.
Do you plan to sell parts of Centennial Yards or partner with other businesses?
“They will be partnerships. We will build some and do joint ventures with others. It just depends on the user… The developers will come and want to do their own thing. We can also build for someone else. We are talking to developers of townhouses and apartments – we could sell or create a joint venture with [them]. CIM also owns and operates hotels. It depends on the agreement.