Cobb County commissioners approved a mix of commercial and residential development projects on Tuesday, providing more dsigns of economic recovery.
A new subdivision in east Cobb, a 170-unit suite hotel along Cumberland Boulevard and even a large gas station and convenience store along Windy Hill Road were all given the go-ahead. Incremental developments like these signal a slow economic revitalization, industry experts said. The new development also is a boost to the county’s economy, which like most areas has been hurt by the economic downturn.
“When we went into this tailspin a few years ago, it was the conclusion of the banking, stock market and real estate collapses, which is a situation you don’t often see,” said Garvis Sams, a development attorney representing projects in Cobb County. “Things are coming back, and what is left is survivors of this failed economy; the speculators are gone.”
Brooks Chadwick Capital, LLC, which Sams represents, gained approval to develop a 45-home neighborhood at Sandy Plains and Mountain roads in east Cobb. The houses will have a minimum 3,100 square feet, and range in price from $300,000 to $400,000.
The company is one of the few actively building, but there are pockets of development in the area, said Todd Thrasher, a managing partner in the company.
Brooks Chadwick is currently developing four subdivisions, which is equal to about 150 homes in the county, the most in the east Cobb area, coming where land and available homes are scarce, Thrasher said.
“It’s been a while since we’ve dealt with new building, which is exciting,” Commissioner Helen Goreham said.
Cobb’s 2010 tax digest, the overall property value that officials use to plan budgets, was down 7 percent from 2009, leading to a mid-year $31 million budget deficit. The digest is expected to drop another 6 percent this year.
“Real estate by and large is very, very local,” said Alan Ziobrowski, Georgia State University real estate professor. While Cobb might see improvements in specific types of development, other types that include retail and office space continue to struggle, he said.
“More people are working and the economy is improving, but very slowly.”
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