Developers say funding is secured for massive NHL arena in Forsyth County
South Forsyth site yields major NHL arena plans
A property management company claims the final financing packet for a $3 billion South Forsyth development has been submitted to the NHL.
FORYSTH COUNTY, Ga. - An internal email obtained by FOX 5 Atlanta suggests the development team behind The Gathering at South Forsyth has secured major financial backing as it pushes to bring a professional hockey franchise back to metro Atlanta.
Metro Atlanta hockey arena proposals
What we know:
The effort to build a multi-billion-dollar mixed-use development in Forsyth County marked a new development after property managers sent an update to residents in the nearby Jamestown subdivision.
According to the email, the development team held a call with the management company and confirmed that the project's final financing packet has been submitted to the NHL for review. The message also stated that financing is secured with two major capital partners.
The Gathering in Forsyth County. Courtesy photo.
Krause Sports and Entertainment, the developer behind the proposed 18,000-seat arena along Ronald Reagan Boulevard, would not confirm if it submitted a formal proposal or secured funding.
The Gathering at South Forsyth released a statement: "Krause Sports and Entertainment is moving the $3 billion mixed-use development called The Gathering at South Forsyth forward with purpose, significant investment and a clear path to execution."
The update follows recent action in nearby Alpharetta, where city officials approved zoning changes for a competing proposal to redevelop North Point Mall into a hockey venue.
Finance professor and economist Tom Smith from Emory University's Goizueta Business School said the North Point Mall site sits closer to Interstate 285 and may offer a more feasible location for drawing core customers.
The Gathering in Forsyth County. Courtesy photo.
NHL expansion process status
What they're saying:
Despite local development moves, Smith is skeptical about the region landing a team on its third attempt. "I do not think third time is the charm," Smith said. Metro Atlanta lost two other franchises years ago.
"I just don't think there are enough diehard hockey fans or even casual hockey fans to really support another NHL franchise," Smith said.
The Gathering in Forsyth County. Courtesy photo.
Local leaders remain hopeful. Forsyth County Commissioner Todd Levent said he heard from the Krause team it has "strong backing."
A county spokesperson says they remain in close contact with developers.
National reports, however, indicate formal steps remain far off. NHL Deputy Commissioner Bill Daly told The Athletic that Metro Atlanta is "not even remotely close to an application phase," while the league currently considers prospective franchises in Houston and Austin, Texas.
The Gathering in Forsyth County. Courtesy photo.
Atlanta NHL timeline details
What we don't know:
League officials have not responded to requests for comment regarding a timeline for future expansion decisions.
Local authorities have not outlined how the competing arena proposals in Forsyth County and Alpharetta will affect each other's selection chances.
The Source: The information in this story was gathered from internal property management emails obtained by FOX 5, statements from Krause Sports and Entertainment, comments from Forsyth County Commissioner Todd Levent and county officials, economic analysis from Emory University Professor Tom Smith, and reporting from The Athletic citing NHL Deputy Commissioner Bill Daly.