Centennial Yards, the $5 billion redevelopment of downtown Atlanta's 50-acre Gulch, is reshaping the city's core from a landscape of rail yards and parking lots into a dense mixed-use neighborhood. Backed by $1.9 billion in city incentives — the largest package in Atlanta's history — Los Angeles-based CIM Group is executing one of the South's most ambitious construction projects.
What's Already Open
Hotel Phoenix, the project's first luxury hotel, welcomed guests with a ballroom overlooking the train tracks and Mercedes-Benz Stadium. The Mitchell, a residential tower, offers a pool deck, gym, pet spa, and dog park. Zephyr Southern Brasserie at Hotel Phoenix serves upscale French-Southern cuisine.
Entertainment District
The entertainment-focused phase includes a 5,300-seat Live Nation concert venue, the 70,000-square-foot Cosm immersive theater, a central gathering plaza for 3,000 people, a second high-rise hotel, and ground-floor retail. Building exteriors and the plaza are targeted to open before World Cup matches begin in June.
Housing Pipeline
Thousands of apartments are planned over the next five to seven years. The Mitchell tower's 60+ units are all market-rate — the developer paid an $8.5 million in-lieu fee rather than including the required 20% affordable units. A separate $28 million commitment to the city's affordable housing trust fund and 25 affordable units in a converted Southern Railway depot address some affordability concerns.
Key Figures
Brian McGowan leads the project as both head of Centennial Yards and a personal investor. Atlanta Hawks CEO Steve Koonin is also an investor. The development integrates train iconography throughout as a nod to the Gulch's railroad heritage, and Busy Bee Cafe — Atlanta's soul food icon — is opening a third location within the project.
Source: The Atlanta Journal-Constitution
