The downtown assemblage is the property on Main Street directly across from the Pedestrian Underpass. It is no longer just an assemblage, it is now a reality. This development has been years in the planning and has had to overcome what at times seemed insurmountable obstacles. This project has been a community effort…many people from City of Kennesaw staff to community volunteers and landowners to patient downtown merchants to the developers are ecstatic to see this day finally arrive. The development will include high end condominium style apartments, commercial retail and restaurant, a multilevel parking garage and a park.The development will aesthetically fit into the landscape of Main Street. The spaces in the deck will be split between the apartment residents, diners, shoppers and Kennesaw residents needing to park near City Hall.
The development is what the Kennesaw community has been pleading for. A vibrant downtown that encourages residents to keep it local is vital to our economy. A unique feature of this development is the cooperation between the county and the city to put a seven acre passive park, Camp McDonald, on the Watts Drive side. With the city’s progressive storm water and infrastructure planning the environmental impact will leave this parcel in better condition than it is today. The Atlanta-based developer, South City Partners will break ground in March on the new downtown project. Construction is expected to last around 18 months, which means residents could be parking and shopping downtown by summer 2015. South City Partners have a proven track record with the City of Kennesaw as the developers of the West 22 project on Cherokee Street.
The KDA purchased the land with a $2.8 million bond issuance in 2009. The KDA closed on the sale of the property to South City Partners for slightly more than $3 million, which will be used to pay down the entire 2009 bond debt, including all of the interest accrued. The Kennesaw City Council voted unanimously to enter into an intergovernmental agreement and issue $6 million in bonds for the acquisition, construction and installation of the parking facilities. The Urban Redevelopment Authority has the legal and financial ability to issue bonds on behalf of the city to assist with the expansion of local industry. The URA signed documents to become the title holder for the parking deck property. Debt service on the new bond will be paid for by court service funds the city accumulates annually. The Court Service Improvement Fund generates about $380,000 annually.
It is an exciting time to be in Kennesaw and this development truly adheres to the city’s tagline of Honoring our Heritage and Forging our Future. For more information contact the Economic Development department at 770-424-8274.