The development team behind Centennial Yards plans to officially break ground this week on its next phase of construction — an 8-acre entertainment district that will rise over downtown Atlanta's Gulch.
Starting Monday, a portion of Lot A and all of Lot B within the Gulch bordered by Centennial Olympic Park Drive and Martin Luther King Jr. Drive is closed. Centennial Yards Company, the subsidiary of developer CIM Group, plans a roughly 500,000-square-foot entertainment district consisting of a 5,000-seat arena, a 14-story hotel, two retail and restaurant buildings and a plaza capable of holding large gatherings.
"This will be the Central Park or Times Square (of Centennial Yards)," said Brian McGowan, CEO of Centennial Yards, the CIM executive helming the project. The entertainment district is the core of the $5 billion Centennial Yards redevelopment, and construction is expected to conclude before Atlanta assumes its role as a 2026 World Cup host city.
The Gulch has sat dormant for decades, only coming to life as thousands flock to park, set up tents and barbecue before big events such as Falcons games, United matches and Hawks tip-offs. In mid-June, the city's development authority approved the issuance of some $557 million in bonds to help support construction of the entertainment district — the first time CIM has tapped into the mix of future sales and property tax revenue the city allotted for Gulch redevelopment.
"There's going to be some short-term discomfort," McGowan noted. "But when it's done, it'll be fantastic for everybody."
Source: The Atlanta Journal-Constitution