153-acre project to feature theater, retail, office space, 260 residences
The Fayetteville Planning and Zoning Commission will have to wait until later in May to hear more about the large Folia Crossroads residential and commercial development (map overlay above) proposed for Ga. Highway 54 West near South Sandy Creek Road. The completed DRI (Development of Regional Impact) report is expected at that time.
Initially proposed as a non-voting work session item in February, the 153-acre mixed-use development along Hwy. 54 West and South Sandy Creek Road and bordering Lake Bennett, is proposing 260 detached homes, 100,000 sq. ft. of retail, 30 attached homes over retail, 50,000 sq. ft. of office space, 20,000 sq. ft. of office space and a 37,000 sq. ft. theater.
Commissioners on April 26 tabled the item until the completed DRI report from the Atlanta Regional Commission could be received. Commissioners also expressed concerns about a portion of the single-family homes proposed with front-facing garages.
New at the meeting was an economic impact report submitted by the applicant.
The estimated value of the development at build-out totals $138,900,000, and is expected to generate an estimated $1.757 million in annual property taxes.
Pertaining to hotel hospitality taxes and theater, restaurant and retail sales taxes, the development is expected to generate an estimated $2.8 million in annual tax revenue.
The total capital investment, including development and construction costs, is estimated at $102.48 million.
Also contained in the economic impact report were the number of jobs expected to be created. Those include, 250 retail jobs, 200 office jobs, 133 restaurant jobs, 74 theater jobs and 31 hotel jobs, for a total of 688 employment opportunities.
As initially presented as a February work session topic, the retail and office component of the 153-acre property would be located along Hwy. 54 and would include restaurants, a brewery, commercial space, retail space, a drug store, hotel and theater. There is a potential for a number of loft apartments over the retail, according to submitted plans.
The residential component would be situated on the north and west portions of the property and would include 260 detached homes. Homes would range from 1,500 sq. ft. to more than 4,000 sq. ft., with price points from the $300,000s to the low $400,000s. The development, described as walkable and connected, would include 62 percent open space.
The residential area would also include a 3-5-acre urban farm.
The development was described as being a combination of New Urbanist and New Ruralism.
Situated on the Williams property, the site was part of 1,200 acres annexed into the city in August 2013.