Economic Impact Analysis of the Green Line vision plan and Georgia Multi-modal Passenger Terminal Completed and Released
January 27, 2012
The study finds that by 2040 implementation of the Downtown Green Line plan and Multi-Modal Passenger Terminal (MMPT) will increase the state’s annual economic output by more than $5.2 billion (in 2011 dollars, taking into account multiplier effects).
Bleakly Advisory Group, Economic Development Research Group and Kimley-Horn and Associates compiled the report. The analysis identified and modeled the direct effects of the MMPT, a representative sample of transit system improvements supporting the MMPT, as well as the redevelopment and economic impacts on Downtown, as depicted by the 2008 CAP Green Line vision plan for the east-west rail corridor extending from the Georgia Dome to the State Capitol building.
Specific to direct redevelopment impacts, economic development and job creation is a cornerstone of the study, which found that full implementation of the MMPT could attract up to 8.6 million square feet of additional development to the “Gulch” and surrounding area and bring nearly 15,700 more jobs to Downtown Atlanta alone. Over the next 30 years, nearly $3.1 billion in net additional investment and building could be generated in the currently underutilized “Gulch” in Downtown Atlanta.
The study was commissioned by Central Atlanta Progress (CAP) with funding from the Atlanta Downtown Improvement District (ADID) and a grant from the Atlanta Regional Commission.
Economic impact factors that the study evaluates include:
Average annual cost of constructing the MMPT, public amenities and related regional transit projects
Redevelopment impacts and construction spending on surrounding property
Permanent employment and business growth in Downtown office and commercial space
Annual spending on operation and maintenance of MMPT and related regional transit projects
Economic benefits from transit riders and reduced congestion on the highway, as well as improved mobility and access to employment
Fiscal impacts on the City of Atlanta and Fulton County
Focusing on the “full-build” scenario for the year 2040, the report finds the MMPT and subsequent development having a significant impact on Downtown, the Atlanta region and the state of Georgia. According to the study, the cost of building the MMPT and attendant public improvements surrounding the terminal represent less than 15 percent of the total expected net investment in Downtown Atlanta in a full build scenario, generating a 6:1 return in private investment per dollar of public cost to implement the project.
The full Technical Report is available upon request. If you have questions about the analysis contact Angie Laurie at alaurie at atlantadowntown.com or (404) 522-5010.