ATLANTA-The Atlanta Development Authority is quarterbacking the first envisioned multimillion-dollar project around the northeast portion of the 22-mile Beltline circling the city. The Beltline redevelopment corridor is expected to be a blueprint for Atlanta's newest growth submarket over the next 50 years, brokers and consultants intimate with the agency's proposals, tell GlobeSt.com.
In its first public disclosure on the blighted area, the agency envisions 10-story office structures on the existing Ansley Mall site and five-story to 10-story condo communities with ground-floor retail on the eastern side of Piedmont Park.
The agency hopes the installation of a revamped transit line along the 22-mile redevelopment corridor will coincide with the new commercial and residential developments. But Midtown and Virginia-Highland residents worry the developments will be completed before the transit service is operating, causing traffic gridlock in the area, Midtown brokers attending the recent public hearing tell GlobeSt.com.
The agency's proposed mixed-use developments also take in 10th Street, east of Piedmont Park. The Authority would have about 21,000 housing units in five-story to 10-story buildings from Ralph McGill Boulevard south and the same number of structures at Monroe and 10th streets where Trammell Crow Residential plans to develop a 38-story and a 39-story condominium community, as GlobeSt.com previously reported.
Spearheading the entire redevelopment project is local developer-investor Wayne Mason, managing owner, NorthEast Atlanta Beltline Group LLC. Mason started the redevelopment juggernaut in December 2004 when he purchased a 73-acre tract from Norfolk Southern Corp. for an estimated $25 million or about $342,466 per acre ($7.86 per sf), as GlobeSt.com previously reported.
Although he hasn't formally disclosed plans for his mixed-use development, sources working with Mason tell GlobeSt.com the developer's master plan for the project will be compatible with all newly planned transit routes by Marta.
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