In what came as a shock to many, the Atlanta Braves announced on Monday that they have secured approximately 60 acres of land near the I-285 and I-75 intersection in Cobb County and plan to build a new $672 million facility with a scheduled completion in 2017. The move puts the stadium much closer to the geographic center of the team’s ticket-buying fan base, greatly reducing the commute for many of the fans.
In the years since the opening of Turner Field in 1997, the traffic in the Atlanta area has dramatically increased, and the ballpark, which was originally built for the 1996 Olympics, finds itself in need of a significant overhaul to be viable for the future needs of the team.
According to sources, the stadium will occupy about 15 acres of the 60-acre site, with the rest being used for mixed-use development, parking and green space. It would be owned by the Cobb-Marietta Coliseum and Exhibit Hall Authority, which also owns the Cobb Galleria Centre and Cobb Energy Performing Arts Centre.
What is unknown at this point is what affect the new facility will have on the local economy or housing costs. While many studies have looked closely at the impact of new stadiums on wages, property values and other economic indicators have shown mixed results, they do generally indicate that home values and rents do go up. This could be more good news for our local Cobb County housing market.
Opportunity could be awaiting the savvy investor as the new site will include hotel, dining and shopping facilities which could further give a boost to existing home prices as well as spur new housing development in the areas surrounding the property.
We specialize in Cobb County real estate and would be uniquely suited to assist you in investigating what this opportunity may mean for your property or your investments.
Contact us today to setup an appointment.
For more information on the new stadium, check out the announcement on the Atlanta Braves website here.