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The Atlanta Journal-Constitution Ahead of the Curve column
(Atlanta Journal-Constitution, The (KRT) Via Acquire Media NewsEdge) Aug. 18--BELTLINE IMPACT MEETINGS: MARTA and Atlanta Beltline Inc. are kicking off an environmental impact study of the Beltline this week with a series of community meetings.
The environmental study is part of an effort to secure funding from the Federal Transit Administration for a light-rail line that would run along the Beltline right of way. As the official FTA-designated agency in metro Atlanta, MARTA is leading the study, though no one has been chosen to build and operate any future Beltline rail system.
MARTA estimates it would cost more than $800 million to build a Beltline rail line, a tab that could be covered from several sources including federal grants and property taxes on new development along the Beltline.
But federal money may be a long shot. The grant process is competitive and favors big transit projects that relieve congestion. The Beltline is a bit unusual in that it's designed to alleviate future traffic problems by attracting development that would otherwise go to already crowded areas.
This week's community meetings are designed to provide information about the process as well as gather public comment. The meeting schedule:
--Tuesday, 1-3 p.m. and 6-8 p.m. at two locations: Trinity Presbyterian Church, 3003 Howell Mill Road; and the Trolley Barn, 963 Edgewood Ave.
--Thursday, 1-3 p.m. and 6-8 p.m. at two locations: Georgia Hill Neighborhood Center, 250 Georgia Ave.; and Central United Methodist Church, 503 Mitchell St.
--Paul Donsky
HOME VALUES DOWN: Atlanta-area home values are down 7.3 percent compared with the second quarter of 2007, according to Zillow.com, the residential real estate site.
The metro area's median home price is now $171,550, Zillow.com says.
The company also says 19.5 percent of homeowners who bought since 2003 now owe more than their home is worth. Of those who bought in 2007, 31 percent have seen their investments decline, Zillow.com says.
Nearly a third of sales the past 12 months showed a loss, according to the company.
--Kevin Duffy
NEW STORES OPEN: Two new outlet stores have opened in Discover Mills, an off-price mall in Lawrenceville.
A 7,500-square-foot Tommy Hilfiger Co. Store has opened near the Saks Fifth Avenue OFF 5th store. The Hilfiger store features fragrances and clothing.
And a 2,322-square-foot Gymboree Outlet, with clothing for newborns to 12-year-olds, has opened near the Burlington Coat Factory.
Discover Mills is a 1.2 million-square-foot mall off I-85 with 180 retailers and restaurants, the entertainment venue Medieval Times and AMC Theatres. The mall is owned and managed by Simon Property Group, which also owns Phipps Plaza and Lenox Square.
--Rachel Tobin Ramos
PANEL: REJECT BID: The State Properties Commission has recommended that the Georgia State Road and Tollway Authority reject the lone bid that came in for a prime 6-acre tract the authority owns near the Atlantic Station Ikea store.
The state appraised the property at $16 million, but when the bidding period ended last month, only one offer came in: a $7.15 million bid from Lionstone Urban Investments, part of Houston-based Lionstone Group.
The State Properties Commission, which is handling the sale, has recommended that the property be rebid when Atlanta's real estate market has improved.
The tollway authority has not scheduled a meeting to discuss the issue, said Katie Pando, a spokeswoman for the commission.
The tollway authority bought the property for a possible commuter rail station but now says the site is not large enough to serve a multimodal facility handling trains and buses.
Some rail advocates have worried the sale might make it more difficult for a future line to have a stop at Atlantic Station.
Lionstone owns an adjacent 7-acre parcel that houses a small office building.
--Paul Donsky
To see more of The Atlanta Journal-Constitution, or to subscribe to the newspaper, go to http://www.ajc.com.
Copyright (c) 2008, The Atlanta Journal-Constitution
Distributed by McClatchy-Tribune Information Services.
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