26 Oct Economic & Fiscal Impact Report for the Atlanta Connector Park
Location: Atlanta, GA
Client: The Connector Park Foundation
Lead Consultant: KB Advisory Group
Services provided: Economic and Fiscal Impact Report
KB Advisory Group conducts economic and fiscal impact analysis for the Atlanta Connector Park.
KB Advisory Group (KB) Scope
The Connector Park Foundation engaged KB Advisory Group perform an economic and fiscal impact analysis for the proposed Atlanta Connector Park in Midtown Altana, as well as for the potential additional real estate induced by 2030 because of the park construction.
The analysis quantified the new economic and fiscal benefits expected to be generated in Midtown Atlanta by the project and by the associated induced accelerated demand in the vicinity, including the economic impacts form new construction, jobs, and payroll, and the fiscal impacts and public revenues generated from real and personal property taxes, sales taxes, and business license and fees.
The Atlanta Connector Park (ACP) is envisioned to bring a world-class park over Interstate 75/85 (“the Connector”) in Midtown Atlanta, reconnecting east and west Midtown and energizing the area with much needed urban park amenities. The park is proposed to feature 15 acres of greenspace along with multi-purpose gathering spaces for community residents and visitors alike.
According to the Connector Park Foundation, the vision for this generational investment in Midtown continues to “evolve along with the city, but the goal of enriching the lives of all Atlanta residents remains constant.”
KB analysts reported real estate inventory growth and economic impacts as a result of the Atlanta Connector Park for a half-mile radius around the midway point between North Avenue and 5th street, which is roughly a 10-minute walk for most individuals.
KB analysts found the addition of the Atlanta Connector Park in Midtown Atlanta will bring benefits across Atlanta far above and beyond what would occur in the surrounding area in the same time frame (referred to as the no-build scenario). A summary of the findings are detailed below.
5-Year Baseline Growth (No Build)
- New Permanent Jobs: 3,700
- Square Feet of New Development: $2.6 million
- Public Revenue: $96 million
Total Park Construction Impact
- Total Contruction Jobs: 800
- Amphitheatre Capacity: 5,500
- Total Public Revenue: $33 million
5-Year ACP Induced Impact
- Total Additional Permanent Impact: $3,600
- Total Additional Square Feet of New Development: $3.6 million
- Additional Public Revenue: $125 million