Los Angeles-based CIM Group this week advanced its plans to redevelop the downtown Gulch site — 50 acres of parking lots and former rail-yards — into Centennial Yards, a nearly 12 million-square-foot mixed-use development including retail, office, residential, and hotel. The real estate firm submitted a building permit application with the City of Atlanta for utility work needed to ready the site for vertical construction.
Specific groundwork outlined in the permit, which carries a $4.5 million price tag, includes the “relocation of existing combined sewer, minor demo, and erosion control to prepare” for the future mixed-use development.
The permit filing arrives on the heels of CIM snatching Nick Garzia from Hines in October to oversee retail leasing for Centennial Yards. Garzia, who spent the past few years remerchandising Atlantic Station, told What Now Atlanta last month that his team would be making some retail announcements before the end of the year. Garzia on Friday did not immediately respond to a request for comment.
Likely included in the forthcoming announcement will be an “updated master plan,” Bisnow reports. The real estate publication said CIM shared that news with them directly earlier this year. Centennial Yards is expected to cost $5 billion.