A $5 billion entertainment district in Atlanta has received financial backing from powerhouses across sectors.

Centennial Yards

Years in the making, Centennial Yards is an ambitious project led by the Los Angeles-based CIM Group. The project is expected to cost at least $5 billion, and developers see it as an opportunity to revitalize the Atlanta area ahead of the 2026 FIFA World Cup, the Atlanta Journal-Constitution reported.

In 2018, the city council greenlit a $1.9 billion incentive plan for the project, which put entertainment and high-end apartments and hotels at the forefront. The project plans reserved 20% of new residential units for affordable housing, though the developer could pay an in lieu fee of about $140,000 per unit to forgo this requirement. Per the outlet, CIM opted to pay the in lieu fee of approximately $8.5 million for its first apartment tower, The Mitchell. Still, the developer says they are “dedicated to fulfilling our commitment to provide affordable housing units,” according to the Atlanta Journal-Constitution.

“We want it to be inclusive and have as many different types of income levels living with Centennial Yards as possible,” Brian McGowan, head of the development and a project investor, told the outlet.

Centennial Yards is also home to The Lofts at Centennial Yards South, which features loft-style apartments, according to the project’s website. Soon, Centennial Yards will open additional living spaces, food and beverage offerings, and entertainment venues, including The Cosm, which will use immersive technology to transform experiences in live sports, music, art, and science.


Recently, the project celebrated the grand opening of Hotel Phoenix at 70 Centennial Olympic Park Drive. According to ATL Direct, the location is within the radius of Centennial Olympic Park, State Farm Arena, Mercedes-Benz Stadium, and the Georgia World Congress Center.

Investors

What’s more, the project’s investors were announced at the grand opening, including artists Usher, 2 Chainz, and Killer Mike, along with Chairman and CEO of Operation HOPE, Inc., John Hope Bryant, according to an Instagram post.