Centennial Yards: Atlanta's $5 billion mega-project to revitalize downtown

The Centennial Yards Project

A multi-billion dollar megaproject promises to bring hotels, entertainment and apartments to downtown Atlanta. It is part of a large-scale redevelopment at Centennial Yards in what is commonly referred to as the Gap. One thing will not happen.

ATLANTA – A $5 billion megaproject promises to bring hotels, entertainment and apartments to downtown Atlanta. Centennial Yards is part of a large-scale redevelopment of what is commonly referred to as the Gap. That’s the 50-acre tract of land between the Five Points MARTA station and Mercedes-Benz Stadium. The only thing it doesn’t include is affordable housing. The developer will not include below-market units in a new high-rise they are now building. CIM Group instead opted to pay a multi-million dollar fee rather than set aside apartments for lower-income Atlantans.

Centennial yards will include a 304-unit high-rise apartment building called The Mitchell. “Centennial Yards is connected to at least two MARTA stations within walking distance,” said Councilman Jason Dozier (District-4). “I definitely want affordable housing in that development.”

However, the defense counsel will not understand that, at least not with the Mitchell. CIM Group has chosen not to set aside units for affordable housing. “I think it’s an unfortunate decision,” Dozier said.

CIM initially agreed to reserve 20 percent of the building for subsidized rentals as part of a multi-billion dollar incentive package. But the developer cited the slowdown in the real estate market as an explanation for the change of course. Instead, CIM contributed $8.5 million to a fund to build affordable housing on the west side. “I am hopeful that the fee they pay will help other families, even if they are not in the Centennial Yards development, have a chance at affordable housing in the city,” Dozier said.

CIM did not want to speak on camera with FOX 5. But in a statement, the company said it made the decision “at a time when we observed a significant slowdown in real estate investment and development.”

Matt Garbett, co-founder of advocacy group ThreadATL, said he wanted the city to hold the developer to its commitment to affordable housing at Centennial Yards. “The city missed an opportunity,” Garbett said. “They could have said, ‘You’re going to do it instead, but you still need affordable housing, maybe not 20 percent, you can do 10 percent.’

Dozier says he wants to ensure city leaders hold developers more accountable for building affordable housing in the future.

The building will open next year.