It doesn’t take much to see how Atlanta’s real estate market has been on fire. The “City in the Forest” has seen resilient growth through the pandemic. In addition to the red hot residential market, the commercial market has seen certain sectors gain momentum as well. One industry that has had a wide impact on the Atlanta market has been tv and film.
You can’t mention Atlanta’s ability to attract the tv and film industry without mentioning Tyler Perry. Tyler Perry has been able to create a media empire that has made him a force in the industry and his decision to plant his flag in Atlanta has started a trend that other studio and production companies have followed. So much so that his efforts have led the charge in Atlanta becoming the "Hollywood of the South". For years his influence has brought other major players to the city and his recent acquisition and development of the old Fort McPherson site not only confirmed the magnitude of his status in tv and film but also commanded the real estate community's attention.
We first heard of the initial transaction back in 2015 when it was announced that Tyler Perry would be purchasing one of the largest U.S. military command centers only a few years after the U.S. military decided to close it down. However, this wasn’t Perry’s first rodeo in large real estate transactions. He sold the massive Greenbriar site (which was his previous headquarters) to his mentee, Ozzie Areu, who served as President of Tyler Perry Studios. I think it’s worth noting that the buyer of the remaining 90 acres from the initial Fort McPherson transaction was the renowned T.D. Jakes.
I also think it’s worth noting that the visionary has already spent close to $250 million, with plans for another $200 million in development for the existing campus alone. The recent acquisition of 37 acres expands his studio footprint to over 360 acres and only solidifies the rank as largest film production studio in the country. Let that sink in! But wait…there’s more. The best part is it appears the mogul already has a vision for the new addition to the campus. His plans to add an entertainment, retail, and restaurant district confirms his long term vision for that part of the city and the growth of the industry. Through his leadership, I believe the city has benefitted tremendously. The increase in presence and capital invested by the tv and film industry has made Atlanta's economy even more robust.
Interesting Fact:
A young, black, up and coming Army officer was promoted to general and commanded the Forces Command at Fort McPherson, Georgia in 1989 before being appointed to Chairman of the Joint Chiefs of Staff later that year. While he was in Atlanta, Colin Powell was introduced by Vernon Jordan to a successful black developer. Such introduction would grow into a great personal friendship. That developer was Herman J. Russell.
Find out more by joining the MRG Bookclub