A 40-acre building project has been proposed by the CIM Group, a developing company situated in the city of California. This project is to be developed directly on the rail-lines and car packs in the middle of the Five Points MATRA station and Mercedes-Benz Stadium. To ensure that the project is possible, steels and concrete amounting to $500 million will be used in lifting the project over the running rail lines, which is up to 40 feet to match the level of the street. The project that will be names Centennial Yards as a result of the projects closes to the Centennial Olympic Park. He also added that they want to give out stores to clothing outlets and tech-based companies, and galleries as prospect tenants. They also want to add owners of grocery stores, saloons and other service retail to residents of the area.
In the same interview, McCorkle said it will take 15 years to complete the project. Some of the interior part of the project might have to wait till the whole project is complete, while some may come up as the project is been constructed. The timeline required to complete the project reflects the complexity of the project. This project will create numerous office space, 1,000 homes, 1,500 lodge rooms and retail spaces for a mall. A.J. Robinson, president and CEO of downtown business coalition Central Atlanta Progress stated that the development project will help in the creation of new bike and walk paths, pavement, and connection to surrounding neighborhoods and two other MANTRA stations. This he said is crucial as it will create new lands.
This project does not come without its own controversy, as it involves the revitalization of a 40-acre dead zone in the center of downtown.
It was reported by AJC (Atlanta Journal Constitution) that the City Council gave out a premium that is in the form of succeeding tax to help fund the project. This form of financing allows the developer gain about 20 years of succeeding tax generated by the property. In return, CIM Group will carry out the following obligations:
• Generation of at least 200 staff homes.
• Sponsoring a training program for workers.
• Involvement of minors and women in the development of the project.
• Donation of $28 million and $12 million towards the housing funds and development of the city economic respectively.
Many critics believe the payback it too little, compared to the support they are getting. Atlanta Public Schools also blamed the city for using school property taxes to fund such development. Another case although pending was created by a citizens group known as Red light the Gulch to help them get needed support to fund the Gulch project.
• CIM committed to rebuilding the bridge as a pedestrian connection to the Castleberry Hill neighborhood.
• Some business owners who are in search of connectivity between neighborhoods believe communication between the city, developers, businesses and neighborhoods will help them know how the construction might affect their lives and livelihoods.