Atlanta's $5B Bet: Centennial Yards Reimagines the Urban Core

ATLANTA, GA – December 09, 2025 – The announcement that The Irish Exit, a modern pub concept from New York's globally acclaimed The Dead Rabbit Group, will open in Downtown Atlanta is far more than a simple story of a new bar. It is a potent symbol of one of the most ambitious and complex urban revitalization projects in the United States: the $5 billion, 50-acre Centennial Yards development. The signing of a 4,735-square-foot lease represents a major validation for a project aiming to transform a desolate stretch of land into a thriving city center, raising the stakes for Atlanta's future on the national and global stage.

The Gulch's Transformation: A City Within a City

For decades, the area known as "The Gulch" was a sprawling, underutilized chasm of parking lots and rail lines that bisected Downtown Atlanta, acting as a physical and psychological barrier to connectivity. Now, this historic site where the city was founded is the canvas for Centennial Yards, a staggering public-private partnership poised to stitch the urban fabric back together. Spearheaded by developer CIM Group, the project plans to erect 8 million square feet of new space, evenly split between commercial (retail, entertainment, office, hotel) and residential uses, effectively creating several new city blocks from scratch.

The scale of the undertaking is matched only by the complexity of its financing. In 2018, the City of Atlanta approved a controversial public financing package worth up to $1.9 billion in tax incentives, allowing developers to leverage future property and sales tax revenue generated on-site to fund construction. Proponents, including Centennial Yards Company President Brian McGowan, hail it as a visionary investment. “The Irish Exit exemplifies the kind of bold, hospitality-forward concepts we’re bringing to Centennial Yards,” McGowan stated, framing the project as a magnet for world-class brands that will elevate the city's profile.

However, the massive public subsidy has drawn scrutiny from critics who question whether the deal disproportionately benefits the developers. Concerns have also been raised over community benefits, particularly affordable housing. While the developer committed to making 20% of the planned 2,000 residential units affordable, an opt-out clause in the agreement has allowed for cash payments in lieu of building some of these units, sparking debate over the deal's true value to the community. Despite the controversy, tangible progress is undeniable. The Mitchell residential tower and the Hotel Phoenix are now open, and the recent reopening of the historic Steele Bridge marks a critical step in reconnecting the district to its surroundings.

Redefining Hospitality for a New South

The arrival of The Irish Exit is a calculated move by The Dead Rabbit Group, a hospitality team that has earned a reputation for redefining Irish hospitality. Their flagship Manhattan bar, The Dead Rabbit, has twice been named the World's Best Bar, built on a philosophy of "tradition meets tomorrow." This ethos moves beyond the stereotypes of an Irish pub, focusing instead on premium cocktails, high-quality dining, and an atmosphere that reflects contemporary Irish culture.

“Our mission has always been to showcase modern Irish culture and the Ireland of today – one that honors its roots while looking forward – and Atlanta’s Centennial Yards gives us the perfect platform to share that spirit with new guests,” said Jack McGarry, Co-Founder and Managing Partner of The Dead Rabbit Group.

The concept for The Irish Exit was honed in New York's Penn Station, North America's busiest transit hub, designed to deliver high-quality service in a fast-paced environment. This model is perfectly suited for the planned Entertainment District at Centennial Yards, which will be a nexus of activity, drawing crowds from the adjacent Mercedes-Benz Stadium and State Farm Arena. The Atlanta location's design, featuring a flexible indoor-outdoor layout with garage-style doors, is intended to create a vibrant, street-level energy that integrates seamlessly with the district's pedestrian-focused plan. While Atlanta boasts a number of beloved traditional Irish pubs, The Irish Exit aims to carve a new niche, leveraging its international prestige and modern approach to attract a diverse clientele of sports fans, concertgoers, tourists, and new downtown residents.

The World Cup Catalyst: Building for a Global Audience

The ambitious timeline for Centennial Yards is inextricably linked to a singular global event: the 2026 FIFA World Cup. With Atlanta selected as a host city, the pressure is on to present a re-energized and world-class downtown to an international audience. The Entertainment District, in particular, is being fast-tracked to serve as the city's premier gathering spot during the tournament.

The Irish Exit joins a roster of high-profile tenants strategically chosen to create a comprehensive entertainment ecosystem. This includes a 5,300-seat venue operated by Live Nation, a futuristic immersive entertainment dome by Cosm, and popular eateries like Shake Shack and local favorite Khao Thai Isan. The synergy between these venues is clear: visitors can attend a concert, experience a "Shared Reality" event at Cosm, and enjoy a premium pint at The Irish Exit, all within a few steps.

This rapid development is intended to transform Atlanta's image from a car-centric city with a dormant downtown to a vibrant, walkable urban destination. "The Irish Exit brings the kind of creative and culturally rich experience that complements the local energy and ambition driving Centennial Yards and Downtown Atlanta,” noted Shaul Kuba, Co-Founder and Principal of CIM Group. The project's success is being measured not just in square footage, but in its ability to create a dynamic, compelling experience that will linger long after the final whistle of the World Cup has blown.

Balancing Ambition with Community

As construction cranes reshape the skyline, the ultimate impact of Centennial Yards on Atlanta remains a central topic of conversation. The project's developers have made significant community commitments, including $28 million for citywide affordable housing, $12 million for economic development, and a goal of 38% participation from minority and female-owned businesses. These initiatives aim to ensure the benefits of this massive investment are shared broadly.

Yet, for many long-time residents and local business owners, the project represents a double-edged sword. While the influx of new residents, visitors, and high-end tenants promises a significant economic boost for downtown, it also brings familiar concerns about gentrification and the preservation of local character. The arrival of a celebrated New York brand like The Irish Exit is met with both excitement for its quality and a watchful eye on its integration into the local culture.

The transformation of The Gulch into Centennial Yards is a high-stakes endeavor that encapsulates the challenges and opportunities facing modern American cities. It is a story of ambitious vision, complex financial engineering, and the delicate balance between attracting global capital and serving local communities. As the first pints are poured at The Irish Exit, they will be served in a district that is not just a collection of new buildings, but a bold and contested vision for the future of Atlanta.