In 2017, the Atlanta Braves will be packing their bags and moving from downtown Atlanta to Cobb County. The initial announcement was met with shock from fans and Cobb residents alike, but now that the news has had time to settle in, it is being more widely embraced. The precise effect that the new field will have on residential and commercial real estate is of course still to be determined.
The new field promises to be part of a unique multi-use development that includes 750,000 square feet of multifamily residential space, 500,000 square feet of retail space, 630,000 square feet of office space, 450,000 square feet of hotel space, and 100,000 square feet reserved for miscellaneous use. Meanwhile, Cobb County’s recognition will be dramatically increased on a national level, enhancing the area’s profile as a business community and encouraging further economic development.
As with most large-scale developments, the new stadium is set to bring with it income, commerce and general interest in Cobb County. That is driving up the cost for land, particularly for commercial use but also residential. Project Management Team Brailsford & Dunlavey estimate that the new field will provide more than 4,000 jobs with 25 percent of earnings going to employees who live in Cobb County. It is also estimated that the operation will generate $2 million in Cobb County tax revenue each year. Meanwhile, fan spending outside the ball park (for hotels, shopping, parking, dining, etc.) is expected to be upward of $100 million annually.
Every Rose Has Its Thorns
There are some concerns for Cobb homeowners, however. One of the main reasons Braves executives cited for leaving Turner Field was issues with traffic and congestion. While the stadium was located less than a mile from the nearest MARTA station, many fans commuted via car and with only 5,000 parking spaces available surrounding the field, traffic has been an ordeal.
Plans for the the Cumberland site seem to alleviate these issues somewhat by offering a walkable community surrounding the stadium full of retail space, restaurants and bars. However, there will be less mass transit options than at Turner Field and despite the Braves claiming more vehicular access points than at Turner Field, game traffic on I-75 and I-75 during already congested evening rush hour is cause for concern. However, there will be more parking at the new stadium. SunTrust Park will have 6,000 parking spaces in addition to the existing parking lots in the Galleria area. Construction of a pedestrian bridge over I-285 was recently approved to facilitate the use of the Galleria lots.
Although the new stadium was originally steeped in controversy, Cobb residents are bound to see the benefits of the new development through greater interest in Cobb County and higher quality of life. Browse our Cobb County homes for sale by checking out our Atlanta real estate listings.
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