Atlanta Braves SunTrust Park— A Home Run for Home Values?
Whether or not you watched the first pitch of the Braves vs. Yankees game at SunTrust Park earlier this month, the majority of residents been wondering about the impact the stadium will have on the Cumberland area of Metro Atlanta. Will the stadium be a home run for home values? Will the park be a grand slam for the economy? Judging by recent market statistics, it seems the Braves’ relocation to Cobb County is proving to be both!
With over $1 billion dollars invested in the new stadium, SunTrust Park is slated to be part of a vast multi-use development including 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 another 100,000 square feet set aside for other uses. This massive development is expected to become an economic force within Cobb County as well as give the local business community a major boost.
On the commercial front, the Cobb Galleria district, convention center, and shopping malls already provide a reason to visit the Cumberland area and with SunTrust Park’s new entertainment and shopping complex home to retail, restaurants, hotels, the Coca-Cola Roxy Theatre, and more, foot traffic is only expected to increase! Spending in the shops, hotels, parking spaces and restaurants around the park is expected to be upwards of $100 million per year.
This large-scale development is also a driving force behind the rising cost of land and property values— which will only continue on their incline as more residents and more jobs flock to the area. It’s been estimated that the new stadium will provide more than 4,000 jobs, with at least a quarter of employees living in Cobb County, and generate $2 million in Cobb County annual tax revenue.
From a residential standpoint, three properties are available in the new SunTrust Park development— each offering one and two bedroom apartments. These properties will inevitably bring additional residents (and more than just Braves fans) into the Cumberland area of Metro Atlanta to spend and enjoy everything the park has to offer, thus bolstering the economy.
So as baseball season gets underway, it’s safe to say the new home of the Atlanta Braves is shaping up to give both the economy and the local real estate market an extra push in the right direction and Cobb County residents will reap the benefits for years to come.
Contact Jill at jill@heineckandcompany.com to see how this may affect your next move.
Jill Heineck
Associate Broker
Heineck & Company at Keller Williams Realty
Phone: (404) 418-9157
Email: jill@heineckandcompany.com
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