The city-backed Atlanta Development Authority has formally agreed to contribute up to $5.4 million and possibly up to $8 million later to help pay for the construction of a 500-car parking garage, landscaping for a 2.5-acre park and the entry plaza.
The new museum will be adjacent to the $200-million, 250,000-sf Georgia Aquarium slated to open in November on the edge of Centennial Olympic Park. The museum is tentatively scheduled to open in April 2007. The city council, which oversees the development authority, is expected to formally approve the $5.4 million in funding at a May public hearing.
The museum and aquarium will be located on a Coca-Cola-owned 20-acre tract between the north end of Centennial Olympic Park and Alexander Street. The aquarium is being built on nine of the 20 acres. A parking deck to accommodate 1,800 cars is also under construction.
For the Aquarium's construction, the state is providing about $7 million for the estimated $13.3-million hard construction cost. The City of Atlanta is giving $1 million; Central Atlanta Progress, a Downtown business booster organization, is donating another $1 million through its self-taxing program; and landowners are providing $4 million worth of rights-of-way land.
Central Atlanta Progress projects the aquarium could draw about 2.2 million visitors during its first year. City officials estimate the new Coke museum, next door, could attract about 1.3 million visitors a year.
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