SunTrust Park and the adjacent mixed use development continues to progress as we work toward the official opening in 2017. The mixed use component will include 600 residential units, office towers, multiple common gathering places, a hotel and a live entertainment center. Additionally, more than $1 billion dollars of transportation improvements that will positively impact game day travel are underway. The County is already benefitting from the impact of this major investment in our community. During the last 15 months, two new Class A office towers have been announced and we saw an 11 percent increase in hotel motel tax revenue. And this is just the beginning.
Estimates from a private fiscal benefits study indicate that the Braves relocation to Cobb County will generate $212 million in earnings while the ballpark is built and $61 million in earnings for every year the ballpark is in operations. Recurring revenues from operating the ballpark that will impact the local economy will result in approximately $4 million per year to the local government in tax collections. It is anticipated that the mixed use development component will raise an additional $6 million per year in property taxes of which $3 million will go to the Board of Education.
For more information about the progress of SunTrust park and mixed use development click here.
LIKE THIS BLOG? Then you’ll love our newsletter! Click HERE to sign up for our weekly e-newsletter and be a neighbor in the know!