Development of the long-awaited Centennial Yards in downtown Atlanta is about to shift into a new gear. The partners behind the $5 billion downtown project plan to begin construction this year on six buildings, including an entertainment district opposite State Farm Arena and Mercedes-Benz Stadium with components that will open in time for the 2026 World Cup, and joining a hotel and apartment tower already under construction.
Eight acres across Centennial Olympic Park Drive from Mercedes-Benz Stadium will become an entertainment hub consisting of four new buildings and a plaza for fan events, the annual Peach Drop celebration and other gatherings. Brian McGowan, president and CEO of Centennial Yards, described it as “the heart” of Centennial Yards and hopes to break ground as soon as June. The entertainment district’s building exteriors and plaza are targeted to open by the start of World Cup matches in 2026.
Later this year, the developer plans to break ground on a 236-unit apartment mid-rise and begin retrofitting the former Norfolk Southern headquarters building into a 166-room hotel, both with ground-floor retail spaces slated to open in 2026 or 2027. By year’s end, eight buildings will be under construction at the Gulch.
Centennial Yards is a partnership between California developer CIM Group and a group led by Atlanta Hawks owners Antony Ressler and NBA Hall of Famer Grant Hill. The project, which first took shape in 2018 when the City Council approved almost $1.9 billion in incentives, is expected to one day deliver 8 million square feet of new buildings, including thousands of apartments, office towers, retail and restaurants.
Two cranes currently tower over Mercedes-Benz Stadium, where a duo of 18-story towers — a 292-room hotel and a 304-unit apartment building — will soon rise. A 520,000-square-foot office building is designed but awaiting an anchor tenant before construction begins. “The economic center of gravity continues to shift south,” McGowan said. “The next frontier is downtown.”
Source: The Atlanta Journal-Constitution