Prospect Park is / was a 64.4 acre mixed use development with plans to have a 136-room hotel, 472 condominiums and over 400,000 square feet of office space. It’s location at Hwy 400 and Old Milton Road has been graded and foundations for the parking garage have been poured but no other construction is underway.
Word on the street is that the project is dead indefinitely. It’s no surprise with the current economic factors and the retail industry going through lay-offs and store closures. In November of 2008 the Atlanta Journal and Constitution reported that the project was still moving forward, albeit at a much slower pace but that is in question now.
Will the Taubman Centers project approved for McFarland Road be next?
The $1 Billion dollar (yes, that number is correct), 164 acre mixed-use development approved by Forsyth County is currently slated for a fall 2011 opening. However, one of their potential anchor tenants, Macy’s, just announced they are eliminating 7000 jobs. It’s not likely that Saks or Neiman Marcus will be rushing in right now either, so we expect to hear soon that the 2011 opening will be pushed out considerably.
With an estimated 7800 potential jobs and over $38 million in annual sales and property taxes for Forsyth County, it would be a huge disappointment to see this development disappear. Not to mention the increase in property values that would benefit all of us right now.
These economic conditions bring up an interesting question. We (Americans) are not generally a nation of savers and many financial advisors extol the virtues of saving money. We would all be smart to hold on to as much cash as possible. But in these dire times what the economy needs is for Americans to go out and spend, buying goods, services, homes, etc. So, here is the question: Is it better to save your money and accept the current market or should we all go out and buy ipods, computers and cars to create more robust economic conditions? Tell me what you think.
Tags: Alpharetta, Commercial Development, Forsyth County, North Fulton
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