The Atlanta Business Chronicle reports that developer Neal Golden and a team of investors have assembled more than
35 acres of single-family homes in Hapeville, near Hartsfield-Jackson
Atlanta International Airport. Tunnell-Spangler-Walsh & Associates (TSW) was the planning consultant for the City of Hapeville Main Street
Town Center LCI Plan.
An Atlanta developer is using a tactic that helped build Atlanta's
northside to try to spark development on the southside.
Developer Neal Golden and a team of investors have assembled more than
35 acres of single-family homes in Hapeville, near Hartsfield-Jackson
Atlanta International Airport.
They plan to raze the houses and create a $300 million to $500 million
mixed-use project.
House by house, Main Street Partner Group LLC acquired 116 lots in
Hapeville over the past 12 months. The company already has spent about
$11 million, an average of less than $95,000 per lot. Some of those lots
included small shops and offices.
Demolition started this month on about eight blocks sandwiched between
the northern edge of the airport and Hapeville's retail district along
Central Ave.
Detailed plans, including density for the neighborhood, are expected to
be announced by Hapeville Mayor Alan Hallman the week of Jan. 23.
Golden, a principal with Main Street Partner Group and senior executive
vice president of U.S. operations for Newmark Knight Frank, is leading
the development team.
New York-based Newmark Knight Frank is expanding its role into
development with a small group of related companies such as Main Street.
NKF-related companies are planning commercial office buildings in
Florida and scouting other Atlanta locations, including Midtown.
Funding for projects comes from a mix of New York equity partners and
local investors.
In December, Main Street demolished a nearby apartment complex on
Virginia Avenue to build a 30,000-square-foot mixed-use project that
sits outside the planned entrance to the larger mixed-use project.
The 35-acre project will include a variety of townhomes and
condominiums. Some of the homes will be lofts above retail. The
intention is to create an urban neighborhood from scratch that includes
the amenities of suburban subdivisions, but without the cul-de-sacs.
"We want people to walk to the corner store, to the coffee shop, to
restaurants," Golden said.
Hallman said he's watched the process closely because, at only two
square miles, Hapeville has limited space. He wants to be sure the
project blends with existing neighborhoods and doesn't consume the city.
Keeping control over the density, he said, has been a primary goal.
Hallman, who's been on the city council for nine years including his
time as mayor, said he's glad to see a developer finally follow through
with a project.
"We have seen several other proposals such as this come and go," he
said. "And this is one of the first ones where the players at the table
have the financial wherewithal to make it happen."
Golden, for one, believes he won't be the last developer to find
Hapeville.
"The whole south end of Fulton County is getting ready to explode," he
said.
Although the reasons why Atlanta's southside hasn't seen the same growth
as Sandy Springs and Roswell are many and complex, Golden said one key
factor has been anticipating the growth of the airport.
For decades, developers didn't know which way Hartsfield-Jackson would
expand -- only that it eventually would grow larger. Hapeville lost
about half the town's population when the airport expanded during the
1970s.
"Now that the fifth runway is going on the other side, the developers
are ready to explode," he said.
Another growth trigger could come Jan. 23, when Ford is expected to
announce whether it will close its Atlanta Assembly Plant in Hapeville.
If the plant closes, as automotive analysts predict, more than 128 acres
fronting Interstate 75 would be available for redevelopment in
Hapeville's city limit.
Market sources believe the site could be used for a number of products
but would most likely attract the most money from large-scale retailers.
A mixed-use project similar to Atlantic Station could bring more lofts,
condos and townhomes. And with direct access to the airport, commercial
office developers might find the site attractive, too.
If Ford pulls out, Hapeville would lose 2,100 jobs within a few years.
But Hallman doesn't believe that would be the end of the city. It would
simply be a new beginning, he said, especially following Main Street's
project.
"This project raises the bar for Hapeville," Hallman said. "It polishes
the diamond, and things only get better from here."
