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Source: Atlanta Business Journal
MARTA broke ground on the first of six “transit-oriented developments” at its Edgewood-Candler Park MARTA station Monday.
A private developer, Columbia Ventures LLC, is building the $40 million project at no cost to MARTA.
MARTA CEO Keith Parker said Spoke, the $40 million privately funded mixed-use development at the Edgewood/Candler Park station, reflects the system’s reinvention and commitment to better service. Atlanta based development firm Columbia Ventures will lease underused parking lots at the station and develop a mix of 224 apartments, retail, restaurants, a park and a performing arts center.
New data from commercial real estate services company Cushman & Wakefield suggests apartment projects closest to existing MARTA stations are showing stronger rent growth and lower vacancies than the overall market in both in town and suburban areas. The average rent premium of apartment units near the transit stations is 9.8 percent. Office properties are also benefiting, though seeing less dramatic rent premiums of nearly 1 percent. Vacancy rates were also generally falling at properties closest to the MARTA stations, according to Cushman & Wakefield…
MARTA has launched a new website called coUrbanize to allow Atlantans to track the progress of the new transit-oriented developments (TODs) envisioned across the system. At the moment, four stations have concrete plans for massive new mixed-use developments. Parking lots and vacant land around Avondale, Brookhaven, Chamblee and Edgewood/Candler Park stations will gain offices, retail, residential, civic buildings and even park space. The Edgewood/Candler Park project is expected to break ground first; Columbia Ventures filed for permits last fall to start building along La France Street…
An $80 million mixed-use project is set to break ground beside the Avondale MARTA station — one of several transit-oriented developments MARTA looks to kick off this year.
Phase one construction of the mixed-use project on Decatur’s East College Avenue should begin in May according to Dillon Baynes, managing partner for developer Columbia Ventures.
When finished, the project — a joint effort between Columbia, MARTA and Decatur — will cover 7.7 acres, most of which is currently a parking lot for the Avondale Estates MARTA station.
The city of Atlanta’s development arm is expected to consider property tax breaks Thursday for two apartment communities that will include “workforce housing.”
The proposed property tax breaks are the carrot in a city strategy over the past few years to encourage developers of apartment towers to set aside 10 percent of units that are affordable for residents who make 80 percent of median income.
Columbia Ventures is partnering with MARTA to redevelop the Edgewood-Candler Park MARTA station in Atlanta, Ga. The project, set to break ground in early 2016, will replace existing excess parking spaces with a “local gathering place” that will strengthen the identity of Edgewood and encourage walking and biking to the station from surrounding areas.