The Resurgence Of Downtown Atlanta Real Estate Near Georgia Dome
May 8, 2017
Here it comes. The new home of the Atlanta Falcons. The Mercedes-Benz Stadium.
Plenty of media attention has been given to the new Falcons Stadium as work crews are moving rapidly to prepare for the season opener and first game in August 2017. The stadium will double as a NFL (football) and MLS (soccer) stadium with state-of-the-art amenities, most notably being the retractable roof. Fans are ecstatic about the design and the future events that are already scheduled there.
With the new stadium being so close to the old Georgia Dome (set to be demolished and redeveloped as hotel and commercial space), traffic patterns aren’t expected to change but the value of nearby real estate tells a much different story.
For years, we’ve seen neighborhoods close to downtown and the Georgia Dome slowly take shape. Castleberry Hill has grown into a small, but coveted condo/loft community just a few steps away. Some of the other long blighted areas around the stadium are seeing a resurgence of interest from investors, businesses and buyers in the area. Dan Cathy and Arthur Blank have been quoted emphasizing the importance of nearby Vine City and English Avenue to the long term success of the stadium and local business. The stadium development coupled with a city focus on improving the Northside Drive corridor is expected to be a flashpoint for dramatic changes in real estate use and real estate values.
Atlanta is already experiencing a resurgence in many formerly blighted communities. Neighborhoods like Edgewood, Historic West End and Reynoldstown have already seen real estate prices skyrocket during this housing cycle. In fact, check sales prices in Historic West End and you’ll see a dramatic number of homes ranging from $250,000 and up. With dramatic increases in values comes new opportunities for home buyers to find housing and also new headaches for those seeking affordable options.
Vine City and English Avenue have long been targeted by city officials for improvement and redevelopment. As a result, the City has long had several down payment assistance programs set up to deal with these areas. Like most Atlanta affordable housing options, programs like the Vine City/ English avenue trust are administered by Invest Atlanta.
Some hope that as the tech industry expands into West Midtown, that more buyers will be attracted and take advantage of this potentially explosive real estate. Plans for a new park in Vine Street will also be a catalyst in the growth that’s expected. And nearby universities such as Clark Atlanta and Georgia Tech may find ways to cash in the opportunity as well.
If you’re shopping for intown property, put Downtown Atlanta on your list of options to consider if you’re willing to buy, hold, and watch the area grow.