What ’ s Going on in “ Hotlanta ”?
It ’ s bustling with life , people are finding jobs , and the city is making some big quality-of-life improvements . Atlanta is undergoing a big redevelopment plan . That ’ s contributing to those jobs and making the city a more attractive place to be .
Just to give you an idea of the kinds of things Atlanta is doing , there ’ s a huge project underway called the “ Atlanta Beltline ”. It ’ s a project that will connect 45 city neighborhoods with a 22-mile loop of multi-use trails , streetcars , and parks . The Beltline website says it has received several awards as for its visionary approach to making the city more walkable , bikeable , and oriented toward public transit . The project is making use of long forgotten rail lines that circled the city .
There ’ s also the former Bellwood Quarry that is being turned into a huge park and reservoir . You may have seen the stunning granite quarry walls and bright blue tint of the water in scenes for “ The Hunger Games ”, “ The Walking Dead ”, and “ Stranger Things ”. The city is investing at least $ 300 million dollars to turn the water-filled quarry into a 2.4 billion gallon reservoir . When it ’ s done , it ’ s expected to hold a 30- day supply of drinking water for 1.2 million people . Once the reservoir is finished , the city will develop the surrounding 300 acres as the city ’ s largest park . The new Westside Reservoir Park will also be connected to the city via the Beltline .
There ’ s also the conversion of the former Fort McPherson Army base into a huge movie studio complex . African American filmmaker Tyler Perry bought the historic 330-acre piece of real estate in 2015 and is turning it into the latest version of his Tyler Perry Studio . The L . A . Times reports that when it ’ s done later this year , it will be one of the largest studios in the country . The paper also says that Tyler hopes to create 3 to 4,000 news jobs at the studio , and recruit people from low-income parts of Atlanta .
Major upgrades are also coming to one of Martin Luther King Junior Drive which runs right through the city center -- past the state capital , the historic Atlanta University Center , and the Georgia Dome . It ’ s a 12-mile stretch that has become an eyesore with old or abandoned buildings in need of repair . The city plans to convert the 4-lane road into two traffic lanes , and two for bicycles . There will also be new roundabouts , plant-filled medians , small parks , and new pedestrian crosswalks .
And then there are two new sports stadiums in the making . Both the Falcons and the Braves are building new stadiums . That ’ s expected to bring tens of thousands of new jobs to the city . And the city is already experiencing job growth that ’ s higher than the nation ’ s average .
The latest report from the U . S . Department of Labor shows that Atlanta experienced a 3.6 % growth rate for non-farm jobs in the last year . Jobs for the professional and business services industry grew the
most at 4.6 %. That ’ s well above the 3 % growth rate for that sector nationally .
Percentage of Suburban Renter Growth
These are just a few things going on in “ Hotlanta ”. As for the percentage of suburban rent growth for the other areas , Phoenix and Riverside County came in with a 23 % increase . Tampa , Dallas , and Minneapolis range from 18 % down to 15 % growth in suburban renters . Detroit , Miami , and Denver experienced a 14 % renter growth rate in the suburbs . Houston , Washington , D . C ., and Seattle were all at 13 %. Chicago was at 12 %. San Francisco at 10 %. San Diego and St . Louis were at 9 %. Los Angeles , Boston , New York , and Philadelphia were at the bottom of the list with a 7 % to 3 % suburban rental growth . The Real Wealth Network offers opportunities for investors to own single-family rentals in several of those suburban markets . We will be talking about opportunities in suburban Atlanta at some of our upcoming live events . For information about our calander , visit Realwealthnetwork . com and just click on the “ learn ” tab and then the “ live events ” tab . v
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