Savannah-based Coastal Asset Management will invest $15 million to make the city the metro Atlanta headquarters of its subsidiary, Community Broadband LLC.
“Today, this city council has the opportunity to do something that few other city councils have the opportunity of doing and that is to approve a contract that will bring a $15 million dollar investment and some 38 new jobs to the city of Stockbridge as part of a public-private economic development partnership,” Mayor Mark Alarcon said at a city council meeting last week.
In return, the city will provide access to its rights of way for the network’s cables.
The project is slated to go live in summer 2014.
According to a statement from the company, CEO Allen Davis developed and managed successful commercial and residential fiber optic-based broadband projects in more than 100 service areas.
City spokesman David Milliron said in a statement the public-private partnership “will place the Stockbridge community on a very short list of communities which are able to take advantage of the benefits provided by unlimited broadband capacity.”
“This entails development of a 100 percent fiber optic network in the city of Stockbridge to provide high-speed broadband and Internet access at up to 100 times faster speeds than today’s average speeds,” he said.
Those speeds will be one gigabit per second, Milliron said.
“That’s about 100 times faster than most home broadband connections,” he said. “So with such speeds, a 95-megabyte high-definition movie trailer can be downloaded in about nine seconds.”
The proposed project involves 206 miles of gigabit Internet cable and has the potential to connect more than 5,300 commercial businesses, government and utility sites, schools and educational support facilities with fiber-to-wireless networks.
“This is an economic game-changer and the city of Stockbridge will be ground zero,” Milliron said.