As the fastest growing metro area in recent years, Atlanta is attracting newcomers by offering a mix of great lifestyle and more affordable housing than other large cities. From young singles to growing families to active seniors, Atlanta offers a variety of home styles and amenities in a wide range of prices.
The key to this affordable market is a strong selection of builders. Atlanta doesn't see the huge, escalating prices seen in many other housing markets because the smaller builders control the market, thus fostering more competition. In smaller cities the large national builders control the lion's share of the market which gives them control over pricing.
Along with affordability, the fact that Atlanta has a mild climate and a variety of activities makes it a very desirable place to live. Atlanta led the nation for new residents in 2000-'06 with 856,266 new residents, a 20 percent growth rate for a total population of 5.1 million according to Census Bureau figures.
With a staggering 7,213% change in percentage in the cost per acre in 2006, Atlantic station has become a huge success story for cities across the US considering establishing a TAD. The cost per acre jumped from $2,873 in 1999 before the redevelopment to $210,148 in 2006 according to a study of TADs done by Bleakly Advisory Group, an economic consultancy firm.
According to the Bleakly report, the city's tax digest on the Atlantic Station TAD is $337,740,650, a startling increase from the 1999 estimation of $300,000. The difference between the two numbers will be used for 25 years to pay off the bonds used to redevelop the former Atlantic Steel site. There will be a significant sales tax collected from the new retail establishments in the meantime. Homeowners have also seen an increase in property values.
Atlantic Station has created huge interest in tax increment financing because TIF was used on a former brownfield site and put it back in use according to Cheryl Strickland, the director of TAD Programs for the Atlanta Development Authority. As the largest live-work-play in the state, people are talking about Atlantic station!
If not for the redevelopment dollars provided by the bonds, which cleaned up the site and created interest for retail and residential development, the site would still be a falling-down steel mill. This is a major point that makes Atlantic station a poster child and benchmark for the use of TADs as a redevelopment tool.
At just 40 percent completion, an excess of $300 million in private money has been invested in Atlantic Station. Ultimately, this project will include 1.6 million square feet of retail, 6 million square feet of office and entertainment space, 1,150 hotel rooms, and more than 4,000 residential units.
Jim Durrett, executive director of Livable Communities Coalition, suggests looking for opportunities to develop inward as a strategy for future successful growth in Atlanta. He suggests that we utilize existing infrastructure and redevelop under-utilized urban and suburban properties.
Jenny Stevenson & Company is a Keller Williams Team, helping Home Buyers, Sellers, and Investors in Atlanta. Our focus is inside of the city, but we also specialize in Sandy Springs, Dunwoody, Roswe
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