ATLANTA — The Georgia Department of Transportation has selected Forest City Real Estate Asset Services, a subsidiary of Forest City Enterprises, to spearhead a 119-acre, transit-oriented development in downtown Atlanta. Forest City will work on the project in a public/private partnership with Cousins Properties Inc. and The Integral Group, both based in Atlanta.
Emerick J. Corsi, Jr., president of real estate asset services for Forest City, said in a statement that Forest City’s role will be to coordinate the planning, engineering and architectural activities, as well as to facilitate stakeholder involvement in the multi-modal passenger terminal project. The firm has signed a 20-month contract to work on the master planning.
The development site is the area known as the “Gulch,” which is located near Phillips Arena, the Georgia Dome and the World Congress Center in Atlanta. In addition to connecting the Metropolitan Atlanta Regional Transit Authority’s rail and bus lines, as well as other regional bus systems and retail networks, the project will contain a commercial element as well.
Although no firm plans have been revealed, Corsi said, “We are thrilled to be part of a project team that will energize and connect downtown Atlanta. We envision a project that combines residential, office, retail and recreational components.”
Right now, Forest City is focused on master planning, but Corsi said that he believes financing will come from a combination of private equity, federal/state funding and possible some local investors.
“It’s got all the right ingredients [for success],” said Corsi. “Atlanta is a very progressive city, and the area’s already got a lot of activity around it.”
Forest City has assisted in the development of several other mixed-use, transit-oriented projects, including The Avenue at Tower City Center in Cleveland, Atlantic Center in Brooklyn and Westfield San Francisco Center in San Francisco.
— Savannah Duncan