Town Center CID Report:
February 2017 Master Plan Update
Introduction
Market Analysis
REAL ESTATE CONSIDERATIONS
The Town Center CID area offers excellent access to the I-75 corridor, connecting Cobb County with Downtown and Midtown Atlanta, the most notable job concentrations in the region. Locational factors such as accessibility and visibility, as well as access to educated workforce and higher income households, has elevated the environment attracting a variety of real estate sectors. According to Cobb County tax assessor data, the Town Center CID has more than $ 1.3 billion in real estate assets( this number only includes privately-owned properties). The exclusion of civic properties includes buildings located on Kennesaw State’ s campus, as well as Cobb County International Airport. It is important to note that the $ 1.3 billion reported the fair market value of buildings, excluding land. Non-residential assets in the Town Center CID, including retail, office, hospitality and industrial uses represent a total fair market value of approximately $ 930 million.
HOUSING
Housing in the Town Center market area is approximately 80 % singlefamily detached, targeting families and empty nesters. However, shifting mortgage crisis, as well as renewed interest in mobility, and housing
to rental reflect the lingering effects of the Great Recession and
demographics are increasing the demand for more variety. Diversity in choices that more closely align with budget, location preference, and housing stock is an important factor in retaining and attracting young lower maintenance lifestyles. Housing will be a short-term need in the talent, especially as they graduate from Kennesaw State University( KSU) Town Center market area to keep pace with continued population and other local higher education universities and technical colleges. growth. New residential product within the Town Center CID should Young professionals are not the only age segment generating new focus on for-sale and rental multifamily, and target locations with demand for higher-density, rental housing. Shifting tenure preferences proximity to jobs, infrastructure, amenities, and services.
REAL ESTATE CONSIDERATIONS:
Founded in 1997, the Town Center Community Improvement District( CID) has invested more than $ 143 million in infrastructure and quality of life projects. Through collaboration with property owners, business owners, residents, Kennesaw State University( KSU), and local, state and federal partners, the Town Center community has benefited from enhancements to infrastructure, accessibility and mobility, quality of life, aesthetics and branding. Notable projects have included the Big Shanty Extension, Noonday Creek Trail, Skip Spann Connector, South Barrett Reliever and the Zagster Bike Share Program. This 2017 master plan update focuses on ensuring that Town Center CID initiatives continue to improve the area’ s character, work in combination with sound land use strategies and regulations, have foreseeable economic benefits and are supported by local stakeholders and officials. The result of this master plan update is a strategic re-focusing of redevelopment / land use strategies and an action and investment plan that promotes quality growth over the next 5-10 years.
Since the last master plan update in 2010, the Town Center community has experienced a tremendous amount of growth and change. Beginning in 2012, the Town Center area, along with the rest of the Atlanta region, began to demonstrate recovery from the effects of the Great Recession. Enrollment at KSU increased with record numbers and the real estate market returned with a robust demand for housing, commercial real estate, retail and infrastructure needs for students, residents, and business owners. Subsequently, the projects from the 2010 plan were either completed, are programmed or under construction, or needed to be revised to adapt to the changing landscape of the Town Center area. Other historic documents such as area community plans, Livable Centers Initiatives( LCIs), and design guidelines were reviewed in this process and relevant and / or projects in progress were included in this master plan update.
The Town Center Master Plan update is ambitious in nature, focusing on three aspects:
1. Encouraging and advocating for quality redevelopment
2. Addressing roadway connectivity and congestion
3. Developing / integrating a highquality bicycle / pedestrian system and public open spaces.
• Housing will be a short-term need in the Town Center market area to keep pace with continued population growth. New residential product within the Town Center CID should focus on for-sale and rental multifamily and target locations with proximity to jobs, infrastructure, amenities, and services
• Future redevelopment of single-use retail centers could provide key opportunities to better integrate jobs, housing, and retail
• Lower than average asking rents could delay new office construction in the short term, but continued growth in key employment sectors will eventually drive demand
• Key tracts of land, offering access to infrastructure and transportation corridors, should be preserved for future employment
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RETAIL
Anchored by Town Center Mall, the Town Center market area represents the primary retail service concentration northwest of Atlanta. Retail services in the Town Center CID not only serve residents in northern Cobb County, but also Cherokee, Paulding, and Bartow counties. The market area has seen limited new retail construction in the last decade, resulting in vacancy rates declining below pre-Recession levels. The most recent retail project in the Town Center CID is The Village at TownPark located on the north side of Chastain Road with a Panera Bread, Taco Mac, Tin Lizzy’ s, and more retail / restaurants attractive to the Millennial generation. Planned just outside the Town Center CID boundary on Cobb Parkway at the corner of Barrett Parkway, the Kennesaw Marketplace will eventually include a Whole Foods Market, Academy Sports, Hobby Lobby and Newk’ s Eatery. This development will likely attract additional redevelopment inside the District especially along Cobb Parkway. Most major chain retailers are represented in the Town Center CID, but there is a more limited presence of local or niche storefronts, which are often attractive to young professionals and students at KSU. Future redevelopment of single-use retail centers could provide key opportunities to better integrate jobs, housing, and retail.
JOB CREATORS
The Town Center CID market area has experienced strong growth in administrative, professional, and technical service jobs over the last decade. Combined, these sectors increased by nearly 70 % over ten years. This growth has generated new potential for well-designed and well-located office product with access to the area’ s prominent public park and greenway amenities, visibility from major thoroughfares, and proximity to retail and dining options. The vacancy rate for office space in Town Center has been gradually declining since the Great Recession. Class A office space is in high demand with very limited availability. Lower than average asking rents could delay new office construction in the short term, but continued growth in key employment sectors will eventually drive demand. While the market area may not currently compete with more urban submarkets in Atlanta, job growth is often driven by small businesses seeking a blend of location, services, and cost effectiveness— three factors prominent in Town Center.
Industrial product in the Town Center CID has been focused near Cobb County International Airport, with additional land available for future industrial expansion. While Town Center’ s industrial and warehousing facilities have experienced positive net absorption over the last several years, the number of new facilities in other Atlanta markets will likely delay construction in Town Center in the short-term. Key tracts of land, offering access to infrastructure and transportation corridors, should be preserved for future employment.
Photo courtesy of wabe. org
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This saddle-stitch booklet was produced in-house on glossy coated paper. The internal clients aimed to capture the bright colors of the Town Center logo while including aspects of their branding. The merge resulted in bold colors, big photos, and rounded shapes for call out boxes.