Potential Mixed-Use Development in the heart of College Park 4583-4631 Herschel Rd, College Park, GA 30337
4583
4599
4601
4617 13-0036-0001-005-9 4623
13-0036-0001-049-7 4631
HIGHLIGHTS • Easy access to I-85 and I-285 • Minutes to Hartsfield-Jackson Atlanta International Airport • Minutes to The Georgia International Convention Center • Minutes to the Six West 320-acre Mixed-Use Development • Sale includes 8 parcels
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected] PRICE $2,500,000
PROPERTY OVERVIEW Potential Mixed-Use Development and a great investment Property Type: Land in the heart of College Park with easy access to I-85 and Property Subtype: Commercial I-285! This gem is located a few minutes to the world’s most Proposed Use: Mixed Use traveled airport, Hartsfield-Jackson Atlanta International Sale Type: Investment Airport; the second- largest convention center in Georgia, Total Lot Size: 6.77 AC The Georgia International Convention Center which is the No. of Lots: 1 new home of the Atlanta Hawks NBA G League affiliate, the Zoning Description: R1 College Park Skyhawks, and the new Six West 320-acre APN/Parcel ID: 13-0036-0001-002-6 mixed-use development that features retail, office, hotels, and residential housing.
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected] PROPERTY PHOTOS
4583-4631 Herschel Rd 4583-4631 Herschel Rd, College Park, GA 30337
Property Photos HERSCHEL RD PHOTO
Herschel Rd Photo PLAT MAP Plat Map
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected] HH INCOME
MEDIAN HOUSEHOLD INCOME 1 MILE: $44,351 3 MILES: $45,405 5 MILES: $46,368
TRAFFIC COUNTS
Roosevelt Hwy 9,950 VPD Old Nationa Hwy 9,820 VPD Herschel Rd 6,570 VPD
DEMOGRAPHICS 2020 SUMMARY 1 MILE 3 MILES 5 MILES Population 3,825 56,394 159,552 Households 1,476 22,177 62,387 Families 878 13,500 37,445 Average Household Size 2.59 2.54 2.54 Owner Occupied Housing Units 556 9,400 29,550 Renter Occupied Housing Units 921 12,776 32,838 Media Age 33.6 32.2 34.1 Average Household Income $60,372 $60,160 $61,166
2025 SUMMARY 1 MILE 3 MILES 5 MILES Population 4,045 58,788 167,297 Households 1,563 23,162 65,462 Families 931 14,075 39,261 Average Household Size 2.59 2.53 2.54 Owner Occupied Housing Units 592 9,822 31,259 Renter Occupied Housing Units 972 13,340 34,203 Median Age 34.2 32.2 34.3 Average Household Income $67,210 $66,168 $68,136
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected] MARKET REPORT
ATLANTA ECONOMIC SUMMARY
Atlanta continues to show signs of a steady economic recovery from the effects of the coronavirus pandemic. Total employment in Atlanta fell by about 380,000 jobs from February to April 2020, causing the unemployment rate to rise to nearly 13%. However, the metro added roughly 250,000 jobs back from May 2020 through April 2021, and total employment is now about 4.5% below Atlanta’s pre-pandemic peak. While the public health situation continues to improve, the effects of the pandemic should serve as an obstacle for the local economic recovery until the coronavirus vaccine is widely distributed.
Atlanta benefited from strong white-collar job growth in the years preceding the pandemic, especially the professional and business services sector. Though officeusing sectors took a hit due to the coronavirus pandemic, a handful of large corporations are set to add thousands of high-paying office jobs over the next few years. For example, Microsoft, Google, FanDuel, and Norfolk Southern are opening major offices in Midtown, and Thyssenkrupp moved its North American headquarters to The Battery in Cumberland/ Galleria. In other sizable moves, FinTech firm Deluxe Corporation is adding 700 new jobs at an innovation center in Central Perimeter, Papa John’s relocated its headquarters to Cumberland/Galleria and added 200 corporate jobs in the process, Boston Consulting Group is hiring more than 300 new employees as it expands its footprint downtown, Mailchimp is expanding its local presence on the Eastside, and Airbnb is establishing an East Coast hub in Atlanta. These moves follow a number of Fortune 500 firms setting up technology-related operations locally, including BlackRock, Facebook, Anthem, and Honeywell.
While white-collar employment will receive a boost from corporate relocations and expansions over the next few quarters, the metro was not immune to office-using job losses in the months following the onset of the pandemic. Cox Automotive, which has a major office presence in Central Perimeter, furloughed a substantial portion of its U.S. workforce, including nearly 1,000 of its Atlanta-based employees. After agreeing to open a 600-employee technology hub in Midtown in early 2020, Macy’s backed out of that investment due to the effects of the coronavirus pandemic on its business. And Coca-Cola cut 500 Atlanta-based jobs as part of its global restructuring in 2020, though the beverage giant’s decision to move its Minute Maid operation from Houston to Atlanta likely helped offset some of those losses.
Atlanta has a lower concentration of education and health services employment than the national average, but that sector has seen substantial job growth over the past few years. Multiple healthcare systems are constructing new facilities, and the sector is poised to grow in order to adequately service
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected] MARKET REPORT the metro’s growing population. Piedmont Hospital opened phase one of the $450 million Piedmont Heart Institute tower in Buckhead early in order to treat coronavirus patients, Emory University Hospital Midtown is underway on its $500 million Winship Cancer Institute tower, and Children’s Healthcare of Atlanta is building a $1.5 billion hospital and campus expansion that will open in 2025.
Growth in the warehouse and distribution industry has helped serve as a partial counterbalance to weakness in the leisure and hospitality sector caused by the pandemic. Hiring by firms like Amazon, Home Depot, HelloFresh, Purple Mattress, and Goodyear, among others, will augment blue-collar job growth over the next few years. Long term, Atlanta will continue to benefit from its standing as a major regional and national distribution hub and its proximity to the fast-growing Port of Savannah.
The presence of the well-connected Hartsfield-Jackson Atlanta International Airport helps seal the deal for potential residents and companies, including Mercedes-Benz and State Farm, which have relocated major operations to the metro. Atlanta’s status as a transportation and logistics hub also helped attract Norfolk Southern, which is moving its corporate headquarters to Midtown when its build-to-suit facility completes in 2021. The firm will add roughly 850 new jobs with an average salary north of $100,000. The airport, along with generous tax incentives, has also helped the region’s growing film and entertainment industry, which is responsible for $3 billion in annual direct spending in the state.
However, the coronavirus pandemic is strongly affecting travel-related industries, and airlines in particular, and will likely continue to put a strain on economic activity directly related to Hartsfield- Jackson until the public health situation fully normalizes. Delta, which is headquartered at Hartsfield- Jackson, announced that 20% of its workforce, or roughly 17,000 employees, agreed to voluntarily retire amid the pandemic.
Comparatively low living and business costs should continue to boost population and job growth in Atlanta. Atlanta has drawn some of the strongest in-migration in the country over the past few decades, and many employers have openly stated that moving all or a portion of their operations to Atlanta saved them millions without having to sacrifice access to high-quality labor. While not unique to Atlanta, highway and commuter rail infrastructure could be a limiting factor for Atlanta’s growth prospects in the mid to long term. Even with MARTA rail as an effective mode of transit, it is limited in its scope, l essening its potential impact. However, the future expansion of MARTA is on the horizon, and pedestrian infrastructure improvements throughout the metro could help provide those in Atlanta with alternative modes of transportation.
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected] Atlanta Economic Summary
the country over the past few decades, and many growth prospects in the mid to long term. Even with employers have openly stated that moving all or a MARTA rail as an effective mode of transit, it is limited in portion of their operations to Atlanta saved them millions its scope, lessening its potential impact. However, the without having to sacrifice access to high-quality labor. future expansion of MARTA is on the horizon, and MARKET REPORT pedestrian infrastructure improvements throughout the While not unique to Atlanta, highway and commuter rail metro could help provide those in Atlanta with alternative ATLANTAinfrastructure ECONOMIC could be a SUMMARYlimiting factor for Atlanta's modes of transportation.
JOB GROWTH (YOY)
Source: Oxford Economics
ATLANTA CONSTRUCTION
Despite low vacancies, retail development in Atlanta has remained tepid for years. The Atlanta market has about 0.6% of its existing inventory under construction, which is roughly in line with the national average of 0.4%. Despite the challenging retail environment during the pandemic, groundbreakings were up in 20Q3, with the Monroe Pavilion and Exchange at Gwinnett projects comprising a large chunk of that space. However, groundbreakings have slowed once again recently. Considering the impact of the coronavirus pandemic on the retail sector, both locally and nationally, retail development will likely remain limited in the coming quarters.
6/18/2021 Copyrighted report licensed to RE/MAX Platinum Access - 758809 Most of the retail built in Atlanta over the past few years targeted affluent households and areasPage 10 with strong demographic growth, particularly fast-growing, exurban submarkets. Exurban submarkets like Walton County, with its 385,000-SF Monroe Pavilion project, and Suwanee/Buford, with its mixed-use Exchange at Gwinnett development, are leading the way in terms of supply under construction. In
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected] MARKET REPORT comparison, denser, more affluent locales such as Buckhead/Lenox, Midtown/Brookwood, and Roswell/ Alpharetta have maintained modest but notable construction pipelines of late. The CBD Submarket, which includes some gentrifying East Atlanta neighborhoods, has delivered a significant amount of retail in recent years. Most of the retail delivered in the CBD Submarket can be attributed to grocery store portions of mixed-use developments like Madison Yards (Publix) and 725 Ponce (Kroger).
One common theme for new retail supply is its marriage to multifamily. About one-third of apartment units delivered in the Atlanta metro since 2010 have on-site retail. This includes retail space in the apartment building itself, or as part of a larger mixed-use center. This ratio is more than five times greater than the historical average for mixed-use development in Atlanta and is a direct reflection of affluent renters seeking convenience and a sense of place near their apartments.
Retail space is also being demolished to make way for mixed-use developments, which often come with multifamily components. For example, the 150,000-SF Roswell Shopping Center was demolished to make way for The Catherine, a 300-unit project from multifamily developer RangeWater Real Estate plus a 165,000-SF grocery-anchored project from Fuqua Development. Those developers recently worked together on components of The Battery development adjacent to Truist Park. Similarly, the 47,000-SF Roswell Plaza was demolished in mid-2020 to make way for SJ Collins’ Southern Post mixed-use development in Roswell.
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected] Atlanta Construction
Despite low vacancies, retail development in Atlanta has retail delivered in the CBD Submarket can be attributed remained tepid for years. The Atlanta market has about to grocery store portions of mixed-use developments like 0.6% of its existing inventory under construction, which is Madison Yards (Publix) and 725 Ponce (Kroger). roughly in line with the national average of 0.4%. Despite the challenging retail environment during the pandemic, One common theme for new retail supply is its marriage groundbreakings were up in 20Q3, with the Monroe to multifamily. About one-third of apartment units Pavilion and Exchange at Gwinnett projects comprising a delivered in the Atlanta metro since 2010 have on-site large chunk of that space. However, groundbreakings retail. This includes retail space in the apartment building have slowed once again recently. Considering the impact itself, or as part of a larger mixed-use center. This ratio of the coronavirus pandemic on the retail sector, both is more than five times greater than the historical locally and nationally, retail development will likely average for mixed-use development in Atlanta and is a remain limited in the coming quarters. direct reflection of affluent renters seeking convenience and a sense of place near their apartments. Most of the retail built in Atlanta over the past few years targeted affluent households and areas with strong Retail space is also being demolished to make way for demographic growth, particularly fast-growing, exurban mixed-use developments, which often come with submarkets. Exurban submarkets like Walton County, multifamily components. For example, the 150,000-SF with its 385,000-SF Monroe Pavilion project, and Roswell Shopping Center was demolished to make way Suwanee/Buford, with its mixed-use Exchange at for The Catherine, a 300-unit project from multifamily Gwinnett development, are leading the way in terms of developer RangeWater Real Estate plus a 165,000-SF supply under construction. In comparison, denser, more grocery-anchored project from Fuqua Development. affluent locales such as Buckhead/Lenox, Those developers recently worked together on Midtown/Brookwood, and Roswell/Alpharetta have components of The Battery development adjacent to maintained modest but notable construction pipelines of Truist Park. Similarly, the 47,000-SF Roswell Plaza was MARKETlate. The CBD Submarket, REPORT which includes some demolished in mid-2020 to make way for SJ Collins' gentrifying East Atlanta neighborhoods, has delivered a Southern Post mixed-use development in Roswell. ATLANTAsignificant CONSTRUCTION amount of retail in recent years. Most of the
DELIVERIES & DEMOLITIONS
College Park/SW Atl Construction
6/18/2021 Copyrighted report licensed to RE/MAX Platinum Access - 758809 DELIVERIES & DEMOLITIONS Page 47
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected]
6/18/2021 Copyrighted report licensed to RE/MAX Platinum Access - 758809 Page 48 YOLANDA ROLLE BROKER / CEO Phone (M): (678) 549-7105 Phone (O): (404) 250-9360 [email protected]
YOLANDA ROLLE BROKER / CEO M: (678) 549-7105 O: (404) 250-9360 [email protected]