PERIMETER: The Premier Office Market in Metro Atlanta PCIDs Standard Template; Updated: Oct 03, 2013
EVOLUTION OF Livable Center THE MARKET Sustainable Placemaking Congested Office District 1990s Suburbs/ Perimeter Mall early 1970s THEN I-285 Opened 1969 & NOW Farm Land 1960s 2
PERIMETER 30 YEARS AGO… • Primarily a corporate office, shopping and hotel district • Disconnected by design • Heavy traffic congestion • Few connections and gateways across major highways • Limited pedestrian mobility • No ADA-compliant street crossings • Under developed property • Lack of multi-use developments • Insufficient housing to jobs ratio • Large surface parking lots and “super blocks” 3
MOVING FROM SUBURBAN TO URBAN MIXED-USE DEVELOPMENTS with significant new housing built on vacant lots & parking lots Transition of OUTDATED OFFICE PARKS TO RESIDENTIAL New developments at HIGHER DENSITIES Implementation of PUBLIC SPACE STANDARDS (*Source: Wikipedia 2011) 4
@ THE CENTER OF SUCCESS: PERIMETER COMMUNITY IMPROVEMENT DISTRICTS The PCIDs are leading the changes to keep this market strong! PCIDs work cross- WHAT IS A CID? jurisdictionally with 5 local governmental CIDs in Georgia are created by the state partners ( Sandy legislature and adopted by local Springs, Dunwoody, governments. They are quasi-governmental Brookhaven, DeKalb and self-taxing for purposes of infrastructure and other improvements in a defined County & Fulton geographic area. County, ) as well as state ONLY commercial property and federal elected owners pay the additional tax officials and agencies to achieve successful millage, not residents. results. 5
THE IMPACT OF THE PCIDs PCIDs and their partners make a difference in the lives of Perimeter’s workers, residents and visitors through transportation improvements that encourage connectivity and access . • $236.6 Million in tax revenues to the State of Georgia (2014) • City of Dunwoody: 63.4% net fiscal impact on budget • City of Sandy Springs: 26.4% net fiscal impact on budget • City of Brookhaven: 7.1% net fiscal impact on budget CID dollars can only be used for certain purposes as indicated by their individual State Legislation and local agreements. Source: Balmoral Group 2015 6
PERIMETER SUBMARKET STATISTICS • 33 million-square feet of office space ( total square footage comprises all office, office condominium, office loft, office medical, all classes and all sizes and both multi-tenant and single- tenant buildings including owner-occupied buildings ) • 85% of market space occupied • 10,458 companies • 134,650+ employees • $5.1 billion commercial real estate value Source: Balmoral Group 2015 7
PERIMETER: THE LOCATION OF CHOICE Both small businesses and Fortune 500 Companies call Perimeter home. Companies moving, expanding or renewing in the Central Perimeter market over the last few years include: • Air Watch • First Data Corp. • Newell Rubbermaid • AutoTrader.com • Focus Brands • Oldcastle • Chep • IBM • State Farm • Cox Enterprises • IHG • T-Mobile • Convergent Resources • JAS Forwarding USA • UPS • Crawford & Company • Mercedes Benz USA And many more! Sources: Balmoral Group 2015 8
CENTER OF HEALTH & WELLNESS The Perimeter market offers easy access to some of the nation’s best health care. Major hospitals in Perimeter include: Children’s Healthcare of Atlanta at Scottish Rite Emory/St. Joseph’s Northside Hospital Piedmont Heart Institute These world-class medical facilities represent a $3.04 billion annual economic impact on the Metro Atlanta region . Source: Glenn Pearson, Executive Vice President, Georgia Hospital Association 9
16 Year History of Leverage 2015 + 1999 - 2014 $41.7 M $31.2 M 914.8 M $114.8 M $41.7 million = CID funds $31.2 million = CID funds $914.8 million = other $114.8 million = other resources for resources for transportation transportation and infrastructure infrastructure projects projects A Leverage of 22 to 1 A Leverage of 3.6 to 1 Source: RCLCO 2009 and Balmoral Group 2015 10
Major Gateway Investments: Perimeter Center Parkway Bridge
Ashford Dunwoody DDI • Completed in 2012 • $5.6 million project • $400,000 from PCIDs • Travel time and gas costs savings = $35.3 million over the life of the project • 29% overall rate of return • 30% rate of return for State’s contribution • 318% rate of return for PCIDs contribution Hammond Half Diamond • Completed in 2011 • $18.6 million project • $6.3 million from PCIDs • Travel time and gas costs savings = $56.5 million over the life of the project • 15% overall annual rate of return • 21% annual rate of return for the State’s contribution • 32% annual rate of return for PCID’s contribution
Perimeter Center Parkway and Flyover Bridge • Completed in 2008 • Represents first joint LCI and GRTA bond project collaboratively funded by the ARC’s LCI grant, GRTA’s Bond Program, DeKalb County and PCID’s • Connects Perimeter market from Perimeter Place to the Medical Center - shopping, dining and lodging • Pedestrian and bicycle friendly, with features including decorative pavers and landscaped medians • Award Winning Parkway: o 2008 PEDS Award o 2010 Engineering Excellence Award
What You Can Expect: • Major construction will begin at the end • of the first quarter of 2017 Improvements include: • First major improvement will be the • The project will provide enhancements to these Mt. Vernon bridge • roadways that improve safety and facilitate better Access to all properties will be open during traffic flow to accommodate the high volume of construction • travelers passing through it each day. Those Contractors are required to keep local roads open to improvements include: traffic by constructing the work in stages. It is likely • About four miles of improvements beginning that most of the work will be done at night 9:00pm – one mile west of Roswell Road and ending 5:00am. • just east of Ashford Dunwoody Road on I-285 Access to GA 400 and I-285, at all interchanges, will • Roughly five miles of improvements from just be open at peak commute times during construction • south of the Glenridge Connector north to the The contractor will be restricted from lane closures Spalding Drive area on SR 400 on holidays and special events • Construction of barrier separated collector distributor lanes along I-285 and SR 400 to help reduce weaving, merging and accelerating/decelerating conflict • Reconstruction of the Abernathy Road interchange • Replacement of the bridge at Mt. Vernon Highway For updates visit • Reconstruction of existing ramps and bridges 285at400.org in the interchange area • New flyover bridges
PERIMETER TODAY: CONNECTED • Perimeter is fast becoming a Central Perimeter Submarket (blue) model livable center, offering residents and visitors connectivity and choice . • Access to amenities like transit, shopping, dining and much more make the market an attractive M choice for small businesses and Fortune 500 companies. • Pedestrian & Bike friendly • Walkable access to 3 MARTA stations. • 12 business-funded free shuttles and 13 hotel shuttles to & from PCIDs MARTA stations. Boundary • More gateway connections underway. 16
PERIMETER TRAFFIC OPERATIONS PROGRAM - PTOP • 4 year program funded by a $4 million GDOT grant. • Partnership between PCIDs and the cities of Sandy Springs, Dunwoody and Brookhaven and the counties of DeKalb and Fulton. • Includes the synchronization of 99 traffic signals within and adjacent to PCIDs to improve traffic congestion in the Perimeter business district. • Together with the Ashford Dunwoody DDI and the Hammond Half-Diamond Interchange, PTOP helps to mitigate traffic and positively impact commute times. • The new timing plans pay for themselves approximately every 55.2 workdays. 17
Traffic Officer Program • Off-duty DeKalb County, Dunwoody, Sandy Springs and Fulton County officers direct traffic at up to thirteen (8 - Sandy Springs and 5 - Dunwoody) intersections in the Perimeter Business District during high- peak traffic times to help motorists travel safely and with ease. • Traffic officers keep intersections clear and do not specifically direct traffic against the synchronized signal timing. • The traffic officers work with our signal timing engineers and regularly communicate back and forth as they notice issues in the district.
HAMMOND DRIVE AT MARTA MID-BLOCK CROSSING • This project is a partnership between PCIDs/MARTA/City of Dunwoody • Partnership with MARTA will create a state of the art mid-block crossing at Hammond and the Dunwoody MARTA station. • This mid-block crossing will offer a safer alternative for the pedestrians who are riding MARTA or who are crossing from one shopping/retail/dining area to another across Hammond Drive. 19
PEACHTREE DUNWOODY ROAD @ LAKE HEARN DRIVE PCIDs was awarded a $4 million grant to improve the Lake Hearn @ Peachtree Dunwoody Road Intersection in partnership with the City of Sandy Springs, SRTA and ARC. Construction on the pedestrian and bike-friendly improvements are currently in the design phase. 20
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