Thursday, June 19, 2008

Development Tracker - 4th Ward

The AJC reports that Cartel Properties is planning a 2-acre mixed use project on Edgewood Ave. A little research shows me that Rohrig Pollack LLC has bought 628 and 660 Edgewood just behind Studioplex at Edgewood and Airline, and paid $3.8 million for the property.

George Rohrig, the man behind Cartel Properties, is going to put two of his own restaurants in the retail space. Being able to count on leasing half your restaurant space must help the development spreadsheet. He is also trying to get a live theater group.

An interesting note from the article:
The status of the project may hinge on whether Rohrig is able to receive tax subsidies from the city to defray the estimated $9 million cost of building a 600-space parking deck. The property sits in Atlanta's Eastside Tax Allocation District, or TAD, a special zone set up by the city to spur economic development. Rohrig said he won't be able to make the financial numbers work without TAD money...
That pencils out to about $15,000 per parking space. In case you were wondering how expensive free parking is. Imagine how much easier the economics of new development would be if you didn't need so much parking. At some point I'll post a rant about parking requirements for liqour licenses. Beyond the implication on development and density, something doesn't make sense about encouraging driving to bars...

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