CarterBlog

Atlanta BeltLine CEO Offers Firsthand Look, Update of Monumental Project

ATLANTA (July 5, 2011) - The Atlanta BeltLine is the largest redevelopment and economic development project in the United States, Atlanta BeltLine Inc. CEO and President Brian Leary told Carter executives last week. The 22-mile loop that will connect 45 city neighborhoods is moving forward, and Atlantans already can see concrete examples of the BeltLine across the city.

The BeltLine will create more than 1,300 acres of new park space along 33 miles of new trails and be home to 5,600 units of affordable housing over the next 25 years. Leary says 22 percent of Atlanta's population lives in the Atlanta BeltLine planning area.

Leary, who took over as ABI's chief executive in October 2009, updated Carter executives last week at Carter's headquarters. He then led the group on a tour of the BeltLine that included stops at the Historic Fourth Ward Park/Skate Park, D.H. Stanton Park and the quarry that will become Westside Reservoir Park. The quarry has served as a locale or backdrop for more movie scenes filled in Georgia than any other site.

When the conversion of the quarry, the former Bellwood Quarry property, is completed, the Westside Reservoir Park will be the city's largest park. The reservoir will hold about 2 billion gallons of water and create a 30-day emergency supply of drinking water for Atlanta. In the photo above, Carter's Conor McNally, left, John Akin, center, and David Nelson stand on a platform overlooking the quarry.

Several prime redevelopment sites exist along the BeltLine, and Leary says he expects to see high levels of interest from developers. One such site, Atlanta Technology Center at Northside Drive and I-75, is being marketed for sale by Carter. Leary said he believes the 19-acre property is a prime candidate for multifamily and office development because of its location.

 

 

Georgia Ranked in Top Five States in U.S. for Film and Television Productions

By: Ward Entrekin, senior associate at Carter

Georgia has recently, and very apparently, become a hot spot for the film industry. Over the past couple of months, celebrities have been spotted all over metro-Atlanta deeming the area a new hub for the industry.

A recent press release from the Georgia Film, Music & Digital Entertainment Office, a division of the Georgia Department of Economic Development (GDEcD), stated 16 Georgia counties have been named “Camera Ready Communities” as part of the new program.

In the state's ongoing efforts to bolster Georgia's growing film and television industry, the first 16 counties were designated Camera Ready at a special ceremony at one of Georgia's newest production facilities, EUE/Screen Gems Studio in Atlanta.

According to Heidi Green, GDEcD commissioner, "More than 50 Georgia counties hosted a film and/or TV production this year, making this a banner year for the industry in our state. Hollywood A-listers including Robert Duvall, Katherine Heigl, Sandra Bullock, and Jennifer Aniston have all experienced our unique locations, talented crew base and world-class southern hospitality, helping make Georgia the top filming location in the south."

The industry's economic impact in the state in FY10 came in at $1.33 billion, up from $1.1 billion the previous year. Georgia is now ranked number one in the Southeast, and among the top five states in the nation for film and TV productions.  Atlanta has been a welcome target for filmmakers and studios over the past few years due to statewide tax breaks and a low cost environment.

Another recent article in The Atlanta Journal-Constitution and one by CoStar suggest that legislature is closely examining the actual success of these incentives as it reviews the budget in light of cuts that will need to be made in 2011 to deal with the struggling economy.

Jennifer Brett, writer for The Atlanta Journal-Constitution’s Peach Buzz has been keeping the city informed with her filming updates and celebrity sightings. Some movies Brett has mentioned in her blogs include: The Fast and the Furious V starring Vin Diesel and Dwayne “The Rock” Johnson; Wanderlust starring Jennifer Aniston and Paul Rudd; Footloose starring Julianne Hough and Dennis Quaid; The Lost Valentine starring Jennifer Love Hewitt and Betty White; Marry Me starring Lucy Liu and The Change Up starring Ryan Reynolds and Jason Bateman.

In May, EUE/Screen Gems signed a 50-year lease with the City of Atlanta for the former Lakewood Fairgound property, which consists of 30 acres of land as well as the fairground’s Spanish Mission Revival Exhibition Halls, which will be converted into sound studios. EUE/Screen Gems chose the site because of its location between Downtown Atlanta and Hartsfield-Jackson International Airport, which is easily accessible to those travelling from out of state. Capital improvements of at least $6 million are required in the first two years, which will include the addition of approximately 40,000 square feet of new sound stages to accommodate TV, commercial, digital and film productions. This landmark deal is expected to generate up to 1,000 new jobs for the community, and should provide a boost to existing businesses in related industries.

This is good news for the West Midtown area of Atlanta, which is home to numerous recording and post production studios. The conversion of aging industrial/warehouse buildings has proven to be an attractive formula for a couple of reasons. First, the creation of sound studios in any building is expensive (it nearly always requires the demolition of any pre-existing build-out/improvements), so a less expensive building assists in keeping the overall costs at a manageable level. Second, due to the high profile nature of the industry and those that utilize the facilities, locations that are “below the radar” are preferred. Third, West Midtown provides a central location that provides easy access to the interstate highways and a short commute to the airport. 

At Carter, we have several active listings in the area, with many that could be optimized as facilities for this industry. For example, 348 14th Street which is pictured here.

Well-known recording artists and producers like Outcast, Dallas Austin, TI, and Ludacris have paved the way by establishing recording locations in West Midtown. While this industry has felt the impact of the recession, expect the trend to continue as the economy improves, and to accelerate as the impact of new film production on a grand scale begins to take shape at the former Lakewood Fairgrounds. As Atlanta Mayor Kasim Reed told the AJC, “This transaction will move Atlanta into the top 5 cities in the U.S in motion picture production…..once the Lakewood Studio is up and running, every TV and movie sound stage in the city will be in use.”

Since joining Carter in 2007, Ward Entrekin has specialized in urban land and investment sales. With nine years of commercial real estate experience, he provides an expert understanding of the in-town Atlanta real estate market to his clients. Ward primarily focuses on the procurement of owner-occupied real estate for his clients, as well as the disposition of a number of bank owned properties throughout Metro Area.