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 .