CIM Group's ability to change part of its $5 billion development plans in downtown Atlanta to hospitality will allow it to succeed, according to the company executive overseeing the project.
Just over two years ago, CIM appeared set to start construction on office buildings at its Centennial Yards mixed-use development near State Farm Arena, said Brian McGowan, president of CIM's Centennial Yards Co. But office demand still has not recovered from the pandemic, so CIM pivoted to building an eight-acre entertainment district instead, he said.
"We flipped to hospitality," McGowan said. "So the, the number of hotel rooms has actually gone way up, and from our original projections. And so how quickly were you able to pivot? Immediately."
Watch the video to hear more about Los Angeles-based CIM's plans for the next phase of Centennial Yards.