So, what is an article about Doraville doing on a site that is all about Midtown Atlanta? Well there are a couple reasons why I wanted to share this story with you.
You might recall a few years back when the massive 12th & Midtown project was announced. A condominium tower, office tower and a luxury hotel. This was some pretty awesome new construction for the Midtown Atlanta real estate market. Or how about even further back when a developer took an old steel mill site and turned it into Atlantic Station. Well, the Doraville GM plant has all the makings to dwarf either of these projects.
This past Monday, the Doraville City Council approved a plan, a year or more in the making, to turn the 165-acre site into a regional commercial, residential and shopping district. Although Doraville is some 8 miles from Midtown Atlanta, this development could have some impact on the Midtown Atlanta real estate market. How?
Well, it the site is purchased by one developer, the future cost of building say condominiums or town home-like residences could be less expensive than the land is in Midtown Atlanta. Furthermore, with the MARTA North line ending right at the site, it could be an attractive place for a resident of Midtown Atlanta to work, and be able to take MARTA, door to door. Or the reverse could happen…someone living in the GM development could take the train to Midtown to work. So there are some possibilities for impact on Midtown.
As I mentioned, a developer might look to build there, vs. Midtown Atlanta. This could be a good thing for the Midtown market as buyers have to look to resale condominiums if there is no new construction on the horizon.
The site is the single largest tract of land inside I-285, much larger than the Atlantic Station development, located just West of Midtown Atlanta. The size of the site is much larger than Atlantic Station, but would not have the same high rise construction due to the location of Dekalb-Peachtree Airport.
Of course, with the economic times what they are, it may be sometimes before this project takes off. But, just imagine it going from this…
To THIS…
Time will tell.
