Posted Apr 11, 2023, 4:42 PM
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Join Date: Feb 2005
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Tony Ressler expects Centennial Yards to bring 30,000 jobs to Downtown
https://www.bizjournals.com/atlanta/...-downtown.html
Quote:
Tony Ressler is obsessed with the success of Centennial Yards.
The billionaire hedge fund manager told Atlanta Business Chronicle that the $5 billion project could add 10,000 residents, 30,000 jobs, hotels, 1 million square feet of office space and an entertainment district to Downtown that might rival The Battery Atlanta in Cobb County.
He loves the plans. And yet, he suspects everyone at CIM Group LLC views him as a pain in the butt.
“I complain every day that it's not moving faster,” Ressler said.
There are good reasons for this.
Ressler and his group of investors own 40% of Centennial Yards, which will fill the 50-acre Gulch in the heart of Downtown. His brother, Richard Ressler, is also principal and co-founder of CIM, which is the project’s controlling investor and master developer. And State Farm Arena, the home to his Atlanta Hawks, sits directly in the Gulch’s shadow.
As of right now, there is no Downtown, Ressler said. Filling that hole will not only change that, but transform the entire metro area for the next 50 years.
“A vibrant downtown is critical," he said.
Centennial Yards Co., the local development arm of CIM Group, aims to build that vibe with a sporting and entertainment district lined by Mercedes-Benz Stadium and State Farm Arena that includes music venues, restaurants and shops. MARTA has also made redesigning the nearby Five Points train station a priority project, with its completion set for 2026.
The Atlanta Braves' 2.3 million-square-foot Battery development in Cobb County that surrounds Truist Park is the model, Ressler said. The aim is for fans to come Downtown two hours early, stay two hours after.
“We do intend to build a bigger version,” Ressler said. “I'm not saying a better version. I hope it's a better version, but it's going to be different. It's going to have a different vibe and a different feel. And I think we have a lot of other things, frankly, they don't.”
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