Just as entrepreneurs create value for not only their businesses but ecosystems of enterprises around them, community leaders and developers with vision take risks that benefit the wider communities they invest in. Metro Atlanta has seen great examples — Atlantic Station, for one — of truly catalytic development.
As construction cranes return to the regional landscape, the region has the chance once again to produce new jobs and other economic opportunities.
Recently, Jacoby Development Inc., which redeveloped Atlantic Steel into Atlantic Station, announced its intention to purchase and redevelop the 170-acre OFS Brightwave (originally Western Electric/Lucent) facility at I-85 and Jimmy Carter Boulevard in Norcross. Its proposed Atlanta Media Campus & Studios will transform much of the sprawling cable/fiber optics manufacturing facility, once one of the largest employers in metro Atlanta.
With major technology advancements, the facility produces almost as much fiber optic cabling today with just 10 percent of the personnel it once required. The now largely vacant complex — 90 acres under roof — has been an economic drain on Norcross and Gwinnett County.
In 1969, the announcement of the original Western Electric facility was groundbreaking. However, it will certainly be eclipsed by Jacoby’s vision to create one of the largest movie studios and media campuses in the country, rivaling Hollywood.
The initial estimates of the project are staggering: 1.2 million square feet of movie production facilities, including seven initial sound stages, with just under 2 million square feet of class-A office and institutional space. The balance of the campus is to include retailing, multi-family housing and hospitality space. This will set the standard for high-quality urban (re)development in Gwinnett.
An economic impact analysis reveals just how significant this project promises to be. The value of the property will move from an assessed $19 million to just under $1 billion. The television and movie production facilities will deliver 1,000 direct jobs to Gwinnett, with an additional 9,000 direct jobs at total build-out including the office towers.
The economic impact on Gwinnett of the initial studio is projected to be $130 million, with an additional $1.1 billion for the project’s mixed-use components. If even half of the predicted impact occurs, the redevelopment will be one of the most significant projects to have ever been completed in the county.
The effect is already being felt in southwest Gwinnett, with productions such as “Fast and Furious 7” and “Hunger Games” recently filmed at the site. The initial impacts of these film projects were record sales for restaurants and retailing in the corridor.
That’s what a true catalyst project can do: Improve the site, energize the community and make surrounding businesses more viable.
Chuck Warbington is executive director of the Gwinnett Village Community Improvement District.
