In a sign of how far Downtown Atlanta has come since the 1996 Summer Olympics, the Georgia World Congress Center Authority (GWCCA) is proposing a major overhaul of Centennial Olympic Park. The $46.5 million project would remake the park to become more outwardly focused, thanks to the many tourist attractions now surrounding the 21-acre green space.
Earlier this month, the Atlanta Business Chronicle reported that the GWCCA, which oversees the park as part of its 220-acre campus, is exploring the feasibility of a capital campaign to fund major improvements to Centennial Park. The Authority is working on the effort with Coxe Curry & Associates, a fundraising firm, and recently released a preliminary case statement to gauge the Atlanta philanthropic community’s interest in the project. Twenty years ago, the park’s creation was largely funded by $48 million in contributions from the Robert W. Woodruff Foundation and private-sector donors, along with $15 million in sales from about 500,000 commemorative bricks. Frank Poe, executive director of the GWCCA, hopes to have funding in place for the park overhaul by 2016, according to the Chronicle.
The park, which was once surrounded by surface parking lots and empty buildings, was originally designed to be closed off from its dilapidated surroundings. Since then, however, it has served as a catalyst for development in the area. Nine hotels, seven residential towers, and new attractions like the World of Coca-Cola, the Georgia Aquarium, the Center for Civil and Human Rights, the Children’s Museum of Atlanta, and SkyView Atlanta have all sprung up nearby. In addition, an estimated $2.6 billion of new investment is planned in the vicinity, including the new Atlanta Falcons stadium.
The proposed improvements to Centennial Park would open its access to the surrounding neighborhood, broaden its footprint by acquiring additional property, improve its layout, add new amenities, and enhance its events and programs. Some of the specific proposed improvements include:
- The $10.5 million acquisition and $2.5 million replacement of the Metro Atlanta Chamber building at the corner of Andrew Young International Boulevard and Marietta Street. Turning this site into park land will allow the GWCCA to extend the park along Marietta Street and open up views to the new College Football Hall of Fame.
- Acquiring additional land for $20 million. The GWCCA is looking at potential sites on the park’s eastern edge to expand its footprint and create a more scenic “welcome center” for the hotel and convention district.
- Revamping the section of Andrew Young International Boulevard that runs through the park. Recently closed to cars, the roadway would be turned into a landscaped pedestrian plaza to ensure the safety of park visitors enjoying the nearby Fountain of Rings.
- A nearly $3 million renovation of the park’s Southern Company Amphitheater. The venue’s capacity would expand from 1,200 to 2,000 seats, new overhead structures would protect patrons from inclement weather, and the sound and lighting systems would be upgraded.
- Creation of a grand entrance at the corner of Baker Street and Centennial Olympic Park Drive—across from the Children’s Museum of Atlanta—to open up more access to the surrounding community.
- The addition of new amenities, including a $3.6 million multi-use events space next to the Georgia Aquarium, a bike depot, and new trail connections.
Since its creation, Centennial Olympic Park has attracted some $2.2 billion of new, much-needed development to Atlanta’s downtown. An estimated 3 million people visit the park each year, and it now generates about $2 million of its $3.5 million annual operating budget.
The GWCCA’s strategic vision for Centennial Olympic Park has been three years in the making. With Atlanta’s development market now enjoying a healthy resurgence, perhaps it is time to reinvest in one of the city’s most popular and successful attractions.
Blog contributed by Hugh Rader, Advisor with Cresa Atlanta. Hugh has more than eight years of experience as a tenant representative and is an expert on the Downtown real estate submarket. For information on developments in Downtown West and around the Falcons Stadium, contact Hugh at 404-446-1597 or hrader@cresa.com.