Even with all the recent economic trouble, the commercial real estate market in northern Georgia has been heating up at a furious pace. One of the biggest projects in the area involves building a new factory to make batteries for electric vehicles. A South Korean company is spending at least $2.6 billion to build the plant, which will be located near I-85.
Once completed, the factory will likely require other facilities, as well as places for workers to live, eat and shop. However, the real estate market is already so active that few large spaces remain for new developments.
That is why real estate developers are excited by the recent news that the owners of a local race track had put the property on the market.
Race for the raceway
The National Hot Rod Association owns the Atlanta Dragway, a 318-acre site in Banks County. While some potential buyers have expressed interest in continuing to use the facility as a race track, others have more elaborate plans. Local organizations have said the site is large enough to hold small industrial, residential, recreational and retail developments.
Developers are still looking at several other properties in the area as possible sites for development related to the new factory. Representatives of the racetrack owners have said they will let the market decide what is the best use for the land.
Commercial real estate is a high-risk business that can bring high rewards. Success in real estate is often a matter of managing the risk, so as to maximize the rewards. Investors, developers and other businesses in Georgia commercial real estate can benefit from working closely with attorneys who have experience in the state’s real estate laws.