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10 Comments

  1. 1

    Rwdevelopment Powers 101

    http://www.wsj.com/articles/BL-CFOB-8875

    Politicians are “unconscious” alright. Elected officials that have no real estate deal or banking experience are now in charge of navigating and financing a $297M real estate investment that is unprecedented, one of a kind and took 3 years and 2 back outs to happen.

    My sales manager used to call these deals, “hairy balls of bubble gum in the parking lot. You don’t want it.”

    All that said, the deal will happen. The citizens of Doraville and DeKalb County have only one option. Sit on the sidelines and watch. No vote on the bond. No planning input. No voice. Think I’m kidding? Cobb Braves! New Soccerr stadiums!

  2. 2

    Art

    car dealerships go so well with TODs and TADs…

    what a farce

  3. 3

    Eddie E.

    Let’s see, we’ve got a maybe from a ‘major international super fantastic film production company’ (that probably relies on 100% tax transparency for 100 years to make the deal, then we have a yes from a car dealership (how many dealerships stacked chock-a-block and how many cars do they have to sell to put 50 million back into the Public Coffers.

    Is that really how the ‘free market’ thingy is supposed to work?

  4. 4

    Bob Swaysman

    Car dealerships will be here long after film studios are gone due to a loss of tax breaks/institution of better tax breaks elsewhere. The entertainment business crash in Georgia will be epic.

  5. 5

    Save Tucker!

    On a sort of related side note: Isn’t it kind of funny that the Mercedes headquarters deal hinged on affordable housing and access to public transit? I mean… it’s Mercedes for crying out loud!

  6. 6

    Art

    this so-called Third Rail “movie studio” seems to be nothing more than an empty warehouse for rent and an website with a lame twitter feed.

    Perhaps they generated this as a smoke screen to distract from the car dealerships that will be there instead.

    Or maybe they plan to produce movies or commercials about a car dealership or an auto repair center?

    The county commission and the school board should look into this deal before they agree to let OUR tax funds be used to build the Doraville Auto Mall.

  7. 7

    Tom Doolittle

    counter-intuitive and ironic at first blush, but a commentary on the economy and smart of Mercedes. Admin jobs at $60K or less can’t afford to live in market rental in Dunwoody/SS. So live away from N. Fulton? Try getting there w/o MARTA even if folks can afford car and gas.

    It’s remarkable how many administrative jobs, if not combined with spouse income only provide enough for what is now considered “affordable”.

    Rent for a three bedroom apartment near Mercedes is today more than twice my mortgage payment. It is 30% more than mortgage and taxes.

    Double wammy–these folks can’t qualify for a home mortgage under terms today (rightly or not).

    What the STUPID, STUPID, STUPID econ dev people don’t realize is they need to DISincentivize companies locating in the 400 Corridor. It’s killing the regiooanl economy and destroying living standards everywhere else. These folks have to live in places like South DeKalb–THEN become part of the congenstion problem on highways if they do because MARTA is not an option there.

    Then there’s the fact that building more and more MARTA and infrastructure is a self-fulfilling prophesy because they need it where the employers are….and there’s more…but that’s enough for now.

    The “platinum triangle” is going to strangle.

  8. 8

    Dave

    I hope they sit on the sidelines and act like governments should, not picking winners and losers in the game of public risk and private profit. If they do that, the project will live or die on its merits, as it should.

  9. 10

    Toff

    Tom – you are spot on

    I have witnessed 2 families move out of the Brookhaven/Chamblee area due to affordability. The family income is well over 100K and they felt like they could get a better standard of living elsewhere. One moved out of state the other went to middle Georgia.

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