Atlanta doesn’t have a hockey team, but in the suburbs, Forsyth County is betting $350 million that the NHL might change its mind.
Officials unanimously approved a $225 million bond issuance on Wednesday to support a proposed $3 billion mixed-use development anchored by an 18,500-seat arena just off Georgia 400 near the Fulton County line, the Atlanta Business Chronicle reported. The public subsidy will help finance the county’s $350 million contribution to the arena — but only if the NHL approves a team.
“No NHL, no bond,” County Manager David McKee said. “It’s pretty simple.”
The arena is the centerpiece of The Gathering at South Forsyth, a roughly 100-acre project led by auto magnate Vernon Krause. The deal, finalized this week after months of intergovernmental agreements, includes tax allocation district financing, a $40 million parking garage and plans for infrastructure improvements.
The development could include 1.6 million square feet of office and retail, 1,800 multifamily units, 150 single-family homes, two hotels, a public safety building and an off-site practice ice rink.
The project’s fate hinges on NHL expansion. Krause, who owns the land, plans to pitch the league directly and emphasized the development’s shovel-ready status.
“This vote marks a catalytic step forward,” he said. “We’re more energized than ever as we prepare to meet with NHL Commissioner Gary Bettman.”
NHL officials have said they’re not formally soliciting bids but are open to one-on-one conversations with potential franchise owners. Krause’s proposal will compete with another, less advanced arena pitch at North Point Mall, about six miles away.
Under the proposed lease terms, a future Forsyth-based NHL team would occupy the arena for 49 years, with options to extend for three additional decades.
With public backing secured, Forsyth now faces its biggest challenge yet: convincing the NHL that a team can thrive deep in Atlanta’s northern suburbs.
Atlanta has already lost two NHL teams. The Atlanta Flames left for Calgary, Canada, in 1980 due to low attendance and financial losses, and the Thrashers followed in 2011, relocating to Winnipeg, Canada, after years of ownership turmoil and poor on-ice performance, according to Today in Georgia History.
— Judah Duke
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