Brian Leary has been here before. After helping Atlantic Station become one of Atlanta's most talked about developments in the metro area, he is turning his attention toward his next project - the Atlanta BeltLine - the proposed 22-mile ring of parks, transit and trails deemed to settle along railroad tracks in the heart of the city.

The project places the new CEO and president in yet another high-profile position. Leary replaced Terri Montague, who left after nearly three years at the helm. For 12 years, Leary helped transform Atlantic Station, a former steel mill, into a Midtown mecca of shopping, dining and living.

Today, some might call the task ahead of him daunting. For example, 1,100 of the BeltLine's 6,500 acres lies in industrial areas that have been abandoned or under-used, some of which may even require clean up of contaminated wastes.

The $2.8 billion project, an amount of which half will come from increased tax revenues, promises to positively transform the city through comprehensive economic development. And while the recent financial crash has knocked the bottom out of Atlanta's real estate market, much of the financial plan for the BeltLine relies on expected increases in development and real estate values within the project's tax district.

To get an in-depth look at the project, Business to Business sat down with Leary to learn where the project stands currently and what the future holds.

BtoB : What is the strategy for the BeltLine project?
Brian Leary: The BeltLine is a 25-year project that will transform the city of Atlanta through a comprehensive, holistic approach to improving transportation, adding green space, trails, economic development, affordable housing and public art, while managing the city's growth in a more sustainable and balanced way. It will add more than 1,200 acres of new parkland, a 22-mile transit system, a 33-mile network of multi-use trails, more than 5,000 units of affordable housing and 30,000 new jobs.

It will develop in phases, constantly adding new elements to the fabric of the city along and around the 22-mile historic rail corridor, which is the spine of the project. The first five years of the project will create several new parks and trails and provide for hundreds of units of affordable housing, while acquiring hundreds of acres of land for transit and trail right-of-way and conducting the necessary foundational studies for future land use and the implementation of transit.

BtoB: What is the funding strategy?
BL: The BeltLine relies on a multitude of funding sources, both public and private. The primary funding source is the BeltLine Tax Allocation District (TAD). The 6,500-acre BeltLine TAD was created in 2005 after receiving overwhelming support from the community and votes of approval by the Atlanta City Council, the Atlanta Public School Board and the Fulton County Commission. Importantly, TAD financing does not require a tax increase. It is a means of using future tax increments to pay for investment in the BeltLine now, and is expected to generate approximately $1.7 billion of the total project cost of $2.8 billion over 25 years. 

BtoB : How will the BeltLine attract new companies, whether moving from within the metro area or outside the area?
BL: The BeltLine represents Atlanta's greatest opportunity to transform itself into a 21st century city. In an increasingly competitive environment, the BeltLine sets Atlanta apart through a holistic approach to the challenges facing all growing cities: mobility, housing options, green space, public health and connecting diverse populations in a modern, urban setting. Atlanta already has the world's largest airport and is the headquarters of several Fortune 500 companies. The BeltLine supports these businesses and their employees throughout the region by delivering the buildings and natural infrastructure necessary to ensure the highest quality of life.

BtoB : What will be the economic impact of the BeltLine project?
BL: It is expected to generate more than $20 billion of new economic development in the 25 years of the project and approximately 30,000 new jobs. The BeltLine Redevelopment Plan envisions that the area could absorb 50,000 new housing units; nearly five million square feet of new retail; almost seven million square feet of new office; and more than one million square feet of new light industrial space.

BtoB : What will be the impact of the BeltLine on the city's transportation?
BL: By providing new connectivity and alternative modes of transportation, such as transit, multi-use trails and a better environment for pedestrians and bicyclists, the BeltLine will provide Atlantans with newfound options for mobility and promote healthier lifestyles.

BtoB : How will the BeltLine impact the quality of life in the areas it touches?
BL:  The BeltLine will improve the quality of life in all of the 45 neighborhoods it connects by providing new transportation options, green space, better infrastructure and more vibrant economic activity and amenities. In some areas, it will enhance the embedded strengths of existing neighborhoods and, in others, it will bring under-utilized, abandoned and contaminated former industrial areas to life with new residents, jobs, parks and transportation options.

BtoB: How directly has the declining economy affected this project, and how will you overcome this financial challenge?
BL: Despite the most challenging economy since The Great Depression, we are on target to meet or exceed many of the goals of the Five Year Work Plan. Nearly 50 percent of the BeltLine corridor is now secure through ownership, lease or option. Construction has begun on Historic Fourth Ward Park and, by the end of 2010, the initial phases of five parks will be completed and seven miles of trail will be completed or under construction. In total, 300 acres of land have been acquired for green space along the BeltLine. All this progress, despite the economic challenges of the past year, puts the BeltLine in a position of strength moving forward and demonstrates the power of the project's vision and desire of Atlanta's residents to bring this project to fruition.