Park Place Multimodal Mixed-Use Center Supplemental Livable Centers Initiative Study March 2011 2 PARK PLACE MULTIMODAL MIXED-USE CENTER LIVABLE CENTERS INITIATIVE STUDY Park Place Multimodal Mixed-Use Center Supplemental Livable Centers Initiative Study Sponsors Planning Team 1 2 PARK PLACE MULTIMODAL MIXED-USE CENTER LIVABLE CENTERS INITIATIVE STUDY CONTENTS EXECUTIVE SUMMARY 5 PART 1: EXISTING CONDITIONS/CONTEXT ANALYSIS 9 Previous Studies 11 Public Transit Context 13 Roadway Context 15 Land Use Context 16 Interview Comments 19 Real Estate Market Characteristics 21 PART 2: PROPOSED SITE CONCEPT 25 Introduction 27 Stadium Revitalization Scenarios 28 Sports Training Center 35 Mobility Recommendations 44 Development Concept 48 Development Economics 56 PART 3: FUNDING AND IMPLEMENTATION 57 Impacts to Park Place Tad 59 Public Investment Needed 60 Investment and Leverage 61 Economic Impactand Sustainability Considerations 63 Implementation 66 Action Plan 68 APPENDIX A: DEMOGRAPHIC ANALYSIS 69 APPENDIX B: STADIUM CONDITION 79 3 4 PARK PLACE MULTIMODAL MIXED-USE CENTER LIVABLE CENTERS INITIATIVE STUDY EXECUTIVE SUMMARY This objective of this study is to create a specific plan This study creates a specific plan for for the Stone Mountain Tennis Center that results in the Tennis Center that results in an an economically viable mixed-use and special events economically viable mixed-use and center that will serve as a focal point of transit service special events center that will serve as well as a catalyst for new growth. as a focal point of transit service as Study Area well as a catalyst for new growth. The study area is the West Park Place corridor immedi- ately south of Highway 78, including the 26-acre Tennis Center site, the 13.6-acre former Target store site, and velopment opportunity—especially when combined surrounding properties. Certain aspects of the study with dramatically enhanced accessibility. The recom- address properties to the south, including the 56-acre mendations put forth by this study for repurposing “airport” site owned by the Stone Mountain Memorial these properties have the potential to leverage the Association (SMMA). area’s assets and key location to catalyze growth in the corridor. The Tennis Center, constructed for the 1996 Olympic Games, is uniquely positioned at the gateway to the Mixed-Use Transit-Oriented Destination Evermore Community Improvement District. Decline There is no single “stand alone” use that can be in- on this key site has been symptomatic of the area’s re- troduced at this location to produce the impacts de- cent decline, with the failure of both the Tennis Center scribed above. The main premise of this study is that and the adjacent Target store. the combined impacts of the proposed program of Although these two properties and land uses have uses and transportation improvements, in a pub- individually struggled to sustain viable business lic/private venture format, will create synergies that activity, together they represent a compelling rede- can be transformational. Tennis Center Context Highway 78 Gwinnett County Dekalb County Site context map highlighting Livable Centers Initiative study area EXECUTIVE SUMMARY 5 The publicly-funded components of this development program include (1) the tennis stadium, enhanced to become a multi-purpose sports and entertainment venue, (2) a program of roadway improvements to enhance accessibility to the site and create a walkable “main street” environment, and (3), the introduction of transit service. Privately funded components include (1) the Target store, refitted as a sports training and fitness facility, adjacent to a village center including (2), shops and restaurants, (3), new office development, (4), residen- tial uses, and (5) hotels. Public Investments Sports and Entertainment Venue The tennis stadium has been vacant and unused for several years, and its demolition has been contem- Existing Park Place Tax Allocation District boundaries. Note that the plated. This study recommends renovating this facility Tennis Center is within the district but not on the tax rolls because it is to create a multi-purpose sports and entertainment publicly owned venue, and explores the following improvement scenarios, which could be implemented as a series of refers to the existing stadium and proposed improve- phases: ments to transform it into a sports and entertainment facility. • Baseline renovations to make stadium use viable • Addition of a covered performance stage Private Investment • Addition of a roof over seating • Full enclosure as a mini arena with perimeter Pre-recession declining land values in the project concourse area, coupled with the difficulty of financing and selling “mainstream” retail/office/residential devel- Each level of improvement would expand the venue’s opment in the current economic climate, are cause potential calendar of events, but only in the “full build- for concern with regard to prospects for near-term out” scenario does the facility approach long-term revitalization of the West Park Place Activity Center financial stability and sustainability. Accordingly, this and the Evermore CID corridor. However, with the study recommends that this improvement program catalytic impact of the proposed tennis center and should be undertaken only if there is a commitment transportation improvements, private development to eventually achieve full build-out. would become more viable. Throughout this study, “Tennis Center” refers to the Key for the success of this development is the concept existing Stone Mountain Tennis Center and “stadium” of a Sports Center that would generate synergy with Evermore Community Improvement District Boundaries s fromffrroromom Tenniseennnnnniiiss Centereennteteerr ° 6 PARK PLACE MULTIMODAL MIXED-USE CENTER LIVABLE CENTERS INITIATIVE STUDY the stadium and exploit its Olympic legacy. Indoor ideally suited to this purpose. The study recommends sports training and fitness facilities for Olympic hopeful further exploration of the possibility of utilizing some athletes would occupy the vacant Target store, and a of this property for this use. companion International Tennis Academy would make use of the existing tennis courts, with both operations Stone Mountain Concerns utilizing the stadium for major sports events. An ex- tended stay hotel and sports-oriented retail, services, Because the 26-acre Tennis Center property is man- and restaurants would be logical redevelopment op- aged by the Stone Mountain Memorial Association portunities adjacent to the Sports Center, around which (SMMA) and is part of Stone Mountain Park, it cannot other private investments (i.e. residential, office, and be developed for non-recreational uses without ap- additional hotel development) could be stimulated. proval by SMMA and the state legislature. SMMA has expressed concern that some of the study recommen- Ideally, this sports-driven development concept would dations are in conflict with SMMA objectives—spe- also include a sizable outdoor component, consisting cifically the siting of residential or hotel uses on the primarily of multi-purpose sports fields catering to Tennis Center site. Furthermore, SMMA has made it league play, which could significantly expand the vol- clear that their vacant 56-acre “airport” property, ref- ume of patrons and hence the economic impact of the erenced above as potential playfields, is not available project to the area. The availability of up to 80 acres for this purpose. Accordingly, the proposed plan may of contiguous vacant land nearby—some privately only be possible if ownership and/or control of these owned, some owned by Stone Mountain—could be properties can be conveyed to another entity. Artist Rendering of Proposed Revitalization of Tennis Center Area EXECUTIVE SUMMARY 7 Overall Viability Projected Impact of Proposed Improvements Since the Olympics, a number of unsuccessful prior efforts have attempted to demonstrate the viability of the stadium and / or development / revitalization potential of other uses in the “PPAC” (Park Place Activity Center) projected appreciation with project area. This study takes a comprehensive point proposed site concept increase in land values with of view that proposes that the stadium be transformed current trend improvements into a multi-purpose sports and entertainment venue within the context of Property Values • Transportation improvements to make events vi- able and the stadium more accessible Time • An adjacent Sports Training and Fitness Center that will build on the stadium’s energy and en- courage redevelopment • Area redevelopment that will rebrand the area as absence of public transportation able to serve special a retail Main Street events are three factors that have made the stadium • A transit hub that will bring commuters and bus undesirable. This study recommends a series of trans- riders to and through the area portation improvements that would address these shortcomings, including: This study concludes that the catalytic impact of these proposed improvements offers the best avail- • A new two-way connection between the Tennis able opportunity within the West Park Place Activity Center and the Stone Mountain interchange with Node to stabilize, and ultimately reverse, currently Highway 78 to provide direct access to and from declining land values, as well as stimulate broader the limited access highway. future revitalization and development which, due • Realignment of Bermuda Road at West Park Place to the strategic “gateway” location