The Braves, who last month announced plans to sell the residential portion of The Battery Atlanta, also could consider eventually selling other parts of the mixed-use development adjacent to SunTrust Park, executives with team owner Liberty Media said Wednesday.
Liberty chief executive officer Greg Maffei and chief financial officer Mark Carleton discussed the possibility in response to a question on the company’s quarterly conference call with Wall Street analysts.
“I think in general as we look at those projects down at The Battery, to the extent that we think it makes the most sense to sell those off to our partners or others, we’ll certainly look at those if it’s logical and accretive to us,” Carleton said.
“So far we are performing well above what I think our projections have been on lease-up and on revenue and on activity, so it’s going very well. Obviously, being able to maintain the look and feel of SunTrust Park and the entire Battery and the experience for our fans is key. But we’ll be opportunistic as some of these projects get closer to completion and get fully on line.”
The Battery, developed by the Braves in conjunction with SunTrust Park, includes shops, restaurants, offices, apartments, a hotel and a music venue. Only the residential portion has been announced as for sale, with the Braves saying last month they would seek to sell the 531 apartments in three communities – named Parkside, The Residences and The Flats -- known collectively as “Home at The Battery Atlanta.”
“We think The Battery, combined with the Braves, is a unique live experience,” Maffei said Wednesday. “Our strength comes from developing interesting opportunities around that. … But we don’t necessarily – necessarily – see ourselves as long-term holders of real-estate assets. We see ourselves as people developing interesting opportunities.”
Carleton said “we are going through a process” on plans to sell the apartments.
Meanwhile, development continues at The Battery, with the Braves most recently announcing plans for a 38,000-square-foot Silverspot Cinema to open there next year, featuring a full bar and in-theater dining.
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