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.
MARTA recently announced its plan to create “walkable developments” around its Arts Center station and Oakland City station. The dense, pedestrian-friendly villages appeal to corporations when they are looking for a location for operations. If workers can easily walk to public transit, it saves time and money for both the worker and the corporation. Similar to the Lindbergh Center station, MARTA will sell or lease the property at the rail stations to developers who will build villages that attract transit riders. MARTA hopes to create such communities for 11 of its 38 stations.
Deals are complete or nearly finished already for King Memorial, Avondale and Edgewood/Candler Park stations. Columbia Ventures and Decatur Downtown Development Authority are joining together to build apartments, condos, affordable senior housing units and retail, and possibly a grocery store in the area surrounding the Avondale station. Invest Atlanta and Columbia Ventures are redeveloping the Edgewood/Candler Park station into about 400 apartments, 20,000 square feet of cultural space, 10,000 square feet of retail and a public park. Final negotiations for both stations are underway and construction is expected to begin by early next year.
From the Tudor-style neighborhoods of Avondale Estates to the stoic corridors of the King Center, from young Brookhaven to historic Candler Park, developers are spending millions of dollars and swallowing up dozens of acres at or near MARTA stations.
It marks a shift in Atlanta development as companies look to save money and attract key workers by building offices and homes near transportation hubs.
MARTA, the transit authority for metro Atlanta, is quietly becoming a player in the real estate world, and it has its excess parking to thank. In the past few months, the agency has pushed forward with plans to develop under-used parking lots at three stations—King Memorial, Avondale, and Edgewood/Candler Park—into mixed-use commercial and residential buildings. And MARTA expects to secure at least two more such deals by early next year.