—Millions of Revenue Annually for Schools—
—Thousands of Jobs Created—
—Cumberland District National Leader—
—More Jobs, Tax Impact for Cobb than Originally Expected—
ATLANTA, June 23, 2016 – A new economic impact study commissioned by Cobb’s Competitive EDGE highlights the tremendous economic growth in the Cumberland Community Improvement District and surrounding areas during the past year and cites SunTrust Park and The Battery Atlanta as key drivers of the area’s economic boom, which includes more than $2 billion in cumulative new projects in Cumberland in the past five years.
“Our sentiment all along was that the move of the Atlanta Braves to SunTrust Park – as well as their adjoining mixed-use development, The Battery Atlanta – would serve as a generational catalyst for Cumberland and Cobb County,” said Brooks Mathis, executive director of Cobb EDGE. “This is exactly what is happening. The long-term impacts of this project are enormous and they are already being felt eight months before the first pitch will be thrown.”
An updated economic benefit study from Atlanta-based Brailsford and Dunleavy estimates that the benefits of this growth will be immense. These new projects will account for more than $140 million in additional property tax revenue, more than $20 million in new sales tax revenue and more than $30 million in additional hotel/motel tax revenue in their first 10 years.
Cobb County Schools will be the big winner. These new projects in the Cumberland area will contribute in excess of $120 million in additional revenue to the schools throughout the next 10 years.
“The growth in the Cumberland area is already having a positive impact for Cobb County Schools, and that will do nothing but increase in the years ahead,” said Chris Ragsdale, superintendent of Cobb County School District. “But we are also tremendously excited about the professional opportunities the addition of new corporate entities creates for our youngest Cobb citizens.”
Subsequent to Brailsford and Dunleavy’s last analysis in 2013, The Battery Atlanta’s expanded footprint has increased development costs by 37 percent to $550 million, all privately financed. This increase in development combined with an aggressive local contracting effort has resulted in total benefits of more than $178 million in construction spending for Cobb County vendors, as well as more than 2,600 construction jobs created in Cobb County.
Dating back to the announcement of SunTrust Park and The Battery Atlanta, the Cumberland area has seen a tremendous amount of growth, with more than 1.15 million square feet of office development, 640 new hotel rooms, and 123,000 square feet of retail being added to the submarket before you even consider the Braves ballpark and development.
“Since 2013, the Cumberland CID has been one of the nation’s fastest-growing commercial districts,” said Malaika Rivers, executive director of the Cumberland CID. “More than $670 million has been added in property value since 2013, more than $2 billion in new investment is flowing into the market, and in 2015, 63 percent of all new business permits in Cobb County were issued in the CID. Even better, buyers are paying premium prices for our assets, some more than 200 percent of assessed value. This level of confidence is unprecedented and speaks to our strategic investments, strong community leadership, and the decision by the Atlanta Braves to relocate to Cumberland.”
The growth in Cobb County is not limited to just the Cumberland area. In recent months, longtime Cobb corporations, such as RaceTrac Petroleum, Genuine Auto Parts and The Home Depot chose to remain in Cobb and expand their footprint in the county. Additionally, strong companies like Aaron’s, Vonage and Atlanta United FC have chosen to bring their operations to Cobb to be a part of the thriving community.
“As we interacted with people in Cobb County, we were amazed at how much misinformation had permeated the public consciousness around this project,” said Rob Garcia, Chairman of Cobb EDGE. “We felt that it was important to provide a single place to get honest, factual information around the impact SunTrust Park and The Battery Atlanta were having on our community.”