Finally we will begin to see life again at the Doraville General Motors plant that has sat vacant since September 2008 when automotive production ceased. The 165-acre site is currently under contract by New Broad Street Companies with a closing anticipated for early-summer. As of now, we have no details about the transaction, like contract terms and price, but we do have an idea of what New Broad Street intends on doing with the site – turning it into Atlanta’s newest sustainable mixed-use development. We don’t know specifics about the development, like how many condos it will have, how much office space or the green features, but should be getting this information sometime in the early summer after closing.
It’s always great to hear about new developments in the makings, especially considering the current state of the Atlanta real estate industry. Ideally this new development will create a vibrant community in an area of Doraville that has sat lifeless for so long. Plus, it will give home shoppers and businesses another option for green living, which is never a bad thing. However, on the flip side, Atlanta has many live, work, play communities and an abundance of unsold condos. While it will be quite some time before this particular development is ready for sales, will it be far enough in the future for the current condo inventory to be absorbed or will it add more product to an overly-saturated market? Without details on the project, it’s hard to know the answer to that question, but new construction is exciting. We can’t wait to see this development take shape over the coming years.
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