One half of the residential component of MARTA’s transit-oriented development at the Lindbergh station may be in jeopardy of foreclosure.I don't think Eon's failure really has that much to do with MARTA. MARTA didn't design the building, manage the marketing, or put any money into the deal. MARTA sold the developers the land, helped come up with the master plan for the area around the MARTA station 10 years ago. They also put in at least $80 in infrastructure for the early phases of the development with Carter for the Bell South office components (although I have no idea how much of this was improvements to the station, etc.)
A published legal notice says the condominium project Eon at Lindbergh —- a key piece in MARTA’s strategy to win more riders through hassle-free commutes —- will be sold to the highest bidder July 7 on the steps of the Fulton County Courthouse...
Though MARTA officials say the real estate implosion was beyond the transit agency’s control, the failure may represent a crack in its strategy for growth.
Lindbergh City Center has okay retail going right now (Taco Mac, Longhorns, Chili's), large Bell South offices, and an apartment complex that is 97% occupied. The overall development probably helped spur much of what is going on right now nearby - Lindbergh Vista apartments, the redevelopment of Lindbergh Plaza, and Lane's Lindmont redevelopment. I think MARTA also gets leasing revenue from the Bell South building.
My point is that the big picture for the City Center project has been good for the city, and in my opinion is far preferable to what Piedmont Road used to be. It isn't just about MARTA's plan to grow ridership, but it is about transforming the city and spurring smart growth. City Center certainly could have been done better on many levels, and it didn't always spur exemplary growth (ahem, Sembler's Lindbergh Plaza), but it was a big step in the right direction and shouldn't be used as an opportunity to pile on MARTA.