Month: June 2025

Elliott plans to vote against members of Sumitomo Realty’s senior management at the 2025 AGM absent further corporate-governance and value-enhancement initiatives

LONDON, June 8, 2025 /PRNewswire/ — Elliott Investment Management, L.P. and Elliott Advisors (UK) Limited (“Elliott”), which advise funds that together have a more than 3% ownership stake in Sumitomo Realty & Development Co., Ltd. (“Sumitomo Realty” or the “Company”), making it one of the Company’s largest shareholders, today released an open letter to the Company’s shareholders.

In the letter, Elliott encouraged fellow shareholders to actively engage with Sumitomo Realty’s management ahead of the upcoming 2025 Annual General Meeting of Shareholders (“AGM”) and to hold the Company accountable for not addressing its long-standing valuation discount and weak corporate governance. The letter outlines four key areas of concern – poor shareholder returns, excessive cross shareholdings, declining capital efficiency and subpar governance – and urges the Company to implement tangible reforms. These include increasing its shareholder payout, reducing cross shareholdings, issuing a credible return target and enhancing governance. Elliott also emphasized that without meaningful progress from Sumitomo Realty, it intends to vote against the reappointment of senior management at the upcoming AGM.

The full text of the letter can be read at https://elliottletters.com and is included below:

Dear Fellow Sumitomo Realty Shareholders,

Elliott Investment Management, L.P. and Elliott Advisors (UK) Limited (“Elliott,” or “we”) advise funds that together have a more than 3% ownership stake in Sumitomo Realty & Development Co., Ltd. (“Sumitomo Realty”, or the “Company”), which makes us one of the Company’s largest shareholders. For months, we have engaged in private discussions with Sumitomo Realty management to express our conviction in the value-creation opportunity at the Company and to outline tangible actions to realize this potential. With the 2025 Annual General Meeting of Shareholders (“AGM”) approaching, we are now making our views public because these issues are critical to the Company’s future success, and we want our fellow shareholders to be able to assess the same views we have presented to the Company ahead of the 2025 AGM.

We believe the 2025 AGM marks a critical juncture for evaluating management’s performance over the past two years. We are encouraging investors to actively engage with Sumitomo Realty management ahead of the 2025 AGM and to use their voting rights to express their satisfaction or dissatisfaction with the Company’s current strategy. We highlight recent opinions from ISS and Glass Lewis, who both recommended a vote against the reappointment of Sumitomo Realty’s Chairman, due to the Company’s high levels of cross shareholdings and lack of board independence.

Sumitomo Realty is one of Japan’s leading real estate developers, with a dominant position in Tokyo office real estate, an attractive business mix and a high-quality portfolio of assets. Our substantial investment reflects our conviction, based on months of thorough diligence, in Sumitomo Realty’s strengths. However, despite these advantages, Sumitomo Realty trades at just half of the post-tax market value of its real estate (“PNAV”),¹ making it the most undervalued real estate developer in Japan. Sumitomo Realty also trades at a depressed multiple of earnings, despite its stable, high-quality core office leasing business.

Sumitomo Realty’s persistent stock underperformance and valuation discount are not coincidental. The Company is an outlier in several areas: it holds a large portfolio of cross shareholdings, it has a unique policy of not selling property assets or managing REIT assets, and its board and governance structure rank near the bottom of all TOPIX 100 companies on several metrics². In our view, these self-imposed problems and others we highlight below are responsible for the Company’s significant undervaluation.

We see a clear opportunity for Sumitomo Realty to close its discount to fair value by taking steps to resolve these issues. The upside potential is significant: Applying a peer-average PNAV multiple – a conservative approach given Sumitomo Realty’s superior asset quality – would imply a share price of just under ¥8,000, over 40% higher than the current level.

See Chart 1 – PNAV and Price Target Bridge.

The Case for Change

The market’s negative sentiment toward Sumitomo Realty reflects deep shareholder concerns with the Company’s performance. In 2024, Elliott commissioned a third-party shareholder perception study to better understand investor views on the Japanese real estate developer sector, including Sumitomo Realty and its large-cap peers. This study surveyed large and mostly long-term institutional investors, both in Japan and abroad, on topics including the Company’s strategy, its shareholder-return policy and its cross-shareholding policy. The study’s findings – as well as sell-side analyst ratings, expert commentary and AGM voting results – show consistently poor investor sentiment toward Sumitomo Realty and highlight meaningful opportunities for improvement.

See Chart 2 – Shareholder Survey.

Evidence of shareholder dissatisfaction is also clearly visible in the AGM approval rate for Sumitomo Realty’s Board. Approval rates have steadily declined since 2017, with the Chairman’s approval rating falling from 95% to a record-low 77% by 2023 – the lowest among peers.

See Chart 3 – AGM Approval Rating.

Publicly available proxy voting data shows that many of Sumitomo Realty’s largest investors have already voted against management at previous AGMs. Their concerns center on Sumitomo Realty’s excessive cross shareholdings and its antiquated board structure. With proxy voting guidelines from asset managers growing more stringent since the Board last stood for election in 2023, and with independent proxy advisory firms recently making recommendations to vote against the reappointment of Sumitomo Realty’s Chairman at the 2025 AGM, it appears that continued inaction could lead to Sumitomo Realty’s Board facing even broader disapproval from major asset managers this year.

Diagnosing the Key Issues

Four core issues underlie Sumitomo Realty’s deep undervaluation and poor investor sentiment:

1. Weak shareholder returns: Sumitomo Realty’s dividend payout was just 17% of net income in the last fiscal year – half the peer group average. Larger peers have moved more aggressively on shareholder returns, with one key peer expecting its shareholder payout to exceed 80% of net income this fiscal year. Even with Sumitomo Realty’s recently outlined plans to increase its shareholder payout, the pace of increase is too slow: we estimate it could take almost a decade to achieve the Company’s target dividend payout ratio of 35%.
2. Excessive cross shareholdings: At 26% of net assets as of March 31, 2025, Sumitomo Realty’s cross shareholdings far exceed those of its peers as well as the maximum levels set by independent proxy advisory firms and key Japanese asset managers. The Company’s high level of cross shareholdings was a major cause of shareholder disapproval at the 2023 AGM and will likely be a decisive issue again in 2025.
3. Declining capital efficiency: Sumitomo Realty is the only company in its peer group that does not have a Return on Equity (“ROE”) target, nor any clear strategy for maintaining or improving its ROE, such as by selling mature assets into a REIT structure. As a result, the Company’s ROE has declined for six consecutive years and is forecast to continue falling.
   
   See Chart 4 – ROE.
4. Poor corporate governance and board structure: Sumitomo Realty ranks near the bottom of the TOPIX 100 on corporate-governance metrics. A global company with the size and stature of Sumitomo Realty should aspire to market-leading governance standards. While the Company has recently outlined plans to gradually improve its governance, progress on these reforms can and should be accelerated.

See Chart 5 – Corporate Governance Comparison.

Setting the Right Course

These issues are largely self-imposed and can be addressed quickly and decisively by management. Specifically, we believe that the Company should take the following steps:

1. Shareholder return: Immediately increase its shareholder payout ratio to 50% or more, a level that is in-line with its peers, via a higher dividend payout and larger and more regular share repurchases;
2. Cross shareholding: Decrease its cross-shareholdings portfolio, which we believe is worth more than ¥500 billion on a post-tax basis, to below 10% of net assets (based on current market value) by the end of its current medium-term management plan (“MTMP”) period;
3. ROE target: Set a ROE target of at least 10% and outline clear plans to achieve this target, such as by shifting capital from mature projects to growth projects. For instance, the Company could unlock ¥500 billion of capital by transferring rental apartment assets into a REIT structure; and
4. Governance: Strengthen governance by adding independent directors and establishing a nomination and remuneration committee.

The time to implement a more ambitious policy to unwind cross shareholdings is now. Several large holders of Sumitomo Realty shares – including Taisei Corp, Obayashi, Shimizu and Kajima, which collectively own more than ¥160 billion worth – have announced plans to aggressively sell their cross shareholdings. Sumitomo Realty reciprocally owns more than ¥60 billion worth of shares in these four construction companies.

This dynamic presents a compelling opportunity for Sumitomo Realty: It can unlock significant capital by selling shares in these four firms and use the proceeds to repurchase a portion of the Sumitomo Realty shares they currently hold. Such a transaction would reduce cross shareholdings and deploy capital back into the Company’s own shares at extremely attractive levels.

While cross shareholdings have historically been seen as promoting business relationships across Japanese companies, they are now viewed as a poor use of capital and an enabler of corporate leadership entrenchment. Sumitomo Realty and its key cross shareholders are meant to adhere to the Corporate Governance Code, which requires Japanese companies to scrutinize the purpose and benefits of cross shareholdings, particularly those held for business relationships, which are increasingly viewed as inappropriate. We believe the Company should act decisively and expeditiously to unwind its cross-shareholdings portfolio.

See Chart 6 – Key Corporate Cross Shareholding.

The steps we have outlined would not only raise management’s standing at the 2025 AGM, but also improve Sumitomo Realty’s valuation. In the Japanese real estate developer sector, there is a clear relationship between valuation (PNAV), capital efficiency (ROE) and shareholder returns. We are confident that taking the steps above – particularly on improving shareholder payout and capital efficiency – will unlock significant value for Sumitomo Realty shareholders and increase management’s credibility with shareholders ahead of the 2025 AGM.

See Chart 7 – ROE and Shareholder Returns Explain Valuation.

Companies that have proactively embraced Japan’s ongoing corporate reforms – by unwinding cross shareholdings, improving capital efficiency, increasing shareholder returns and strengthening governance – have been rewarded with higher valuations and greater shareholder support. Examples from the general construction, non-life insurance, and real estate developer sectors show how such reforms can successfully unlock value and transform investor perception at previously underperforming companies.

Conclusion

We appreciate that in recent months, Sumitomo Realty management has taken several initial steps in the right direction – some of which are aligned with our recommendations. However, progress has been insufficient and too slow. The market reacted negatively to the uninspiring MTMP released in late March, which failed to address core issues. Many of our suggestions remain ignored.

The 2025 AGM is a critical opportunity for shareholders to express their satisfaction or dissatisfaction with Sumitomo Realty’s current strategy. Management’s approval rating is the clearest and most effective way for shareholders to catalyse change. Despite the modest shareholder-friendly actions taken to date, there remains deep skepticism, including from Elliott, about management’s genuine commitment to ambitiously and decisively address the Company’s key issues. As such, absent further value- and governance-enhancing measures from Sumitomo Realty, Elliott plans to vote against the reappointment of senior management at the 2025 AGM.

We urge all shareholders to carefully consider their voting decisions and engage with Sumitomo Realty management in the lead up to the AGM. Your vote can shape the Company’s future. We are hopeful management will be attentive to shareholder viewpoints and will take decisive steps to raise Sumitomo Realty’s corporate value and enhance its governance.

Sincerely,

Aaron Tai
Portfolio Manager

Elliott Investment Management, L.P.

About Elliott
Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $72.7 billion in assets as of December 31, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.

Media Contacts:

London
Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
abest@elliottadvisors.co.uk

Tokyo
Brett Wallbutton
Ashton Consulting
T: +81 (0) 3 5425-7220
b.wallbutton@ashton.jp

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¹ Defined by dividing share price by book value per share adjusted for the post-tax difference between market value of leasing properties and the book value of leasing properties as disclosed in Sumitomo Realty’s yuho.

² Sumitomo Realty ranks at the bottom of the TOPIX 100 on its ISS Governance Score, director independence ratio and its usage of independent board committees (e.g. nomination, remuneration and audit committees).

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SOURCE Elliott Investment Management L.P.

PARIS, June 8, 2025 /PRNewswire/ — In a bold step to advance inclusive growth and engage the younger generation, Haier, the world’s No.1 brand in major appliances, officially launched the Haier Fans Cup in Paris, marking a strategic moment in evolving global sports marketing vision of Haier.

Held during the world-renowned Roland-Garros (French Open) fortnight, the Haier Fans Cup brought together promising under-14 tennis players across France for a day of spirited competition and cultural celebration. More than a youth tournament, the initiative showcased Haier’s vision of using sport as a bridge across generations, geographies, and shared aspirations.

The event culminated in an exclusive opportunity for the winners to meet former WTA Number one champion Ana Ivanovic at Haier Roland-Garros fans village, to inspire dreams and connect young athletes with global icons.

A Strategic Sponsorship Anchored in Purpose

Co-hosted by Haier and Open Stade Français, the Haier Fans Cup builds on the legacy of one of France’s most esteemed junior tennis tournaments. Established in 1983 and part of the ITF Junior Circuit, Open Stade Français has long served as a competitive and developmental platform for emerging tennis talent.

The partnership empowers young athletes from diverse backgrounds by providing ranking opportunities, cultural exchange, and personal growth. The collaboration reflects a growing emphasis among global brands on creating lasting social impact through youth-focused initiatives.

ESG in Action: Turning Purpose into Tangible Impact

The Haier Fans Cup is grounded in the belief that sport can serve as a bridge, linking individuals to communities and nurturing shared aspirations across generations. This philosophy aligns with the broader ESG vision of Haier, where sport becomes a tool for inclusive development rather than a mere branding opportunity.

In Europe, Haier steps beyond business to champion social and environmental causes. At Milan’s Relay Marathon, Haier Europe was one of the top fundraisers of the event and has provided support to the expansion of the two Spazi Donna centers in Milan, ensuring a safer and better future for women facing difficult situations.

On the environmental front, Haier Europe has focused on waste reduction and circular economy practices. In 2025, its manufacturing hub in Eskişehir, Turkey, achieved a recycling rate of 99% and received the Zero Waste to Landfill certification under the DIN SPEC 91436 Standard. Across the region, Haier Europe has achieved an average waste recycling rate of 98%, a result that underlines its operational commitment to sustainability. To encourage and support the circular economy and the culture of recycling and reuse, Haier partnered with Esosport, a benefit corporation that operates in waste management, by providing its employees the opportunity to drop off their old shoes and tennis balls. These shoes and tennis balls will then become new playgrounds for children and tracks for athletes.

The brand’s social engagement also extends to the workplace. In 2025, Haier Europe was recognized as a Top Employer in the UK & Ireland and received the “Company for Generation Z” award, organized by Radar Academy, a testament to its commitment to fostering an inclusive and empowering workplace.

At its core, Haier believes that sports serve as a vital bridge, linking individuals to society and the environment. This philosophy is deeply embedded in Haier brand DNA, where ESG are not add-ons but integral forces driving every step beyond the game.

Sports and Purpose: Building Meaningful Connections

Haier’s long-term engagement in global sports reflects a strategic approach to brand-building. It focuses on cultural relevance, community impact, and sustainable growth.

Through partnerships in tennis, basketball, marathons, and emerging areas such as esports, Haier uses sport not just as a communication channel, but as a platform to promote innovation, youth empowerment, and responsible development.

Haier’s sports strategy transcends visibility. From eco-conscious appliances at international events to inclusive youth tournaments like the Haier Fans Cup, each effort contributes to broader ESG goals, positioning sport as a vehicle for inclusion, wellbeing, and environmental awareness.

Looking Ahead: Building a Legacy of Inspiration and Growth

Moving forward, Haier aims to deepen its role at the intersection of sport, innovation, and social value. By investing in platforms that champion perseverance, equity, and long-term progress, the brand seeks to cultivate a presence that is both globally admired and socially impactful.

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SOURCE Haier Group

• A global study has recently revealed consistently low ocean literacy levels in 18–24-year-olds across 35 countries.
• 75% of young people are concerned about our ocean’s health, yet 61% believe deforestation and other climate issues should be prioritised over ocean conservation.
• Young people have high expectations for governments, NGOs, and local communities but low expectations for businesses, highlighting a misunderstanding about who holds responsibility for ocean pollution.

NICE, France, June 7, 2025 /PRNewswire/ — World Ocean Day serves as a vital reminder to protect our oceans. A global study by world-leading ocean health initiative of Economist Impact and The Nippon Foundation, Back to Blue, has recently uncovered a concerning disconnect between young peoples’ recognition of the ocean’s vital role in climate change, and the measures required to protect and restore it.

A large majority of young people are concerned about the ocean’s health and believe it can protect us from climate change, yet they place a higher priority on protecting forests, tackling air pollution and freshwater scarcity.

Results from the 3,500 respondents in 35 countries found that 75% of 18-24 year olds are concerned about the state of ocean health. Yet, few acknowledge the jeopardy the ocean is in, nor the ways in which this can be prevented because despite concerns for the ocean, almost half (47%) of young people think the ocean is still healthy. The Dominican Republic, Puerto Rico and The Philippines are among some of the top countries that believe this, when each is struggling with plastic pollution, coral reef degradation and habitat loss.

It strongly indicates that young people do not fully fathom the dire conditions of our oceans. This is also evident in the fact that 50% of young people do not understand how the ocean impacts them and how they, in turn, impact the ocean. Furthermore, 61% prioritise other climate issues, such as deforestation, over ocean conservation. Notably, this perspective is shared by 88% of young people in Panama—a country bordered by both the Pacific Ocean and the Caribbean Sea, where the ocean plays a vital role in the economy.

Peter Thomson, UN Ocean Envoy said: “It is surprising and alarming to see so many young people misjudge the ocean’s health. This level of low ocean literacy risks hindering progress and funding for protecting our oceans. We must invest in educating young people about the importance of ocean health and how to safeguard it for the future.”

Strengthened ocean literacy can be argued as pivotal for fostering a deeper understanding of the ocean’s multifaceted role, not only as a driver of local economic prosperity through industries like fisheries, tourism, and renewable energy but also as a critical buffer against climate change impacts. A lack of this foundational knowledge risks delaying urgent policymaking and sourcing of funding as weak citizen or stakeholder pressure to reverse damage, will slow progress, perpetuating a vicious cycle of ocean neglect.

Peter added: “The ocean is one of the most overlooked and underfunded areas in global sustainability, yet its decline directly impacts how we live. We must remember that the ocean is silently dealing with sea level rise, soaring temperatures and acidity levels as well as irreversible threats to biodiversity because of human activity. The least we can do is understand it better and make it a priority to save.”

Limited comprehension of the oceans’ endangered state was also accompanied by little demand amongst young people for significant action or accountability from ocean stakeholders. The study found that less than half (46%) of young people want government action that will ensure the oceans health, and only 17% want to see corporations and businesses take increased responsibility.

The latter finding is increasingly concerning as the study also reveals that young people are significantly concerned about contaminating the ocean – chemical pollution (48%) and plastic pollution (50%) yet they do not know where responsibility lies. Tackling ocean pollution is no easy feat, but private sector accountability will be paramount to its success via increased responsibility for the lifecycle of plastic products and chemical leaks in the process of production.

Emma McKinley, Ocean Literacy expert and Senior Research Fellow at Cardiff University said: “It’s incredibly interesting to see that some young people recognise that the ocean can have a role in addressing the impacts of climate change and that damaging ocean health is detrimental to this; yet, this study suggests that not all young people recognise the need to demand more action from governments and  the private sector to do more to prioritise ocean health.”

Emma added: “Given its roots in formal education, many ocean literacy initiatives are grounded in the importance of raising awareness and knowledge about ocean issues. Looking to the future, we must embrace diverse types of ocean knowledge and relationships to deliver ocean literacy as a societal outcome. If the ocean and the issues facing it were included more widely in education systems across the world, the more positive change we would see. Knowledge is one of our most powerful tools.”

Educators and policymakers have a unique opportunity to address the low levels of ocean literacy among young people. By incorporating ocean literacy into school curriculums—and with greater support from governments—they can equip the next generation with the knowledge and tools needed to protect our oceans and address the challenges they face.

 

Notes to Editors

About the survey
The survey was created by Economist Impact and issued to 35 countries in September 2024. It was in the field for three weeks and acquired 3,500 responses from young people aged 18-24. Countries involved were: Argentina, Australia, Brazil, Canada, Chile, China, Costa Rica, Côte d’Ivoire (Ivory Coast), Dominican Republic, Ecuador, El Salvador, Finland, Ghana, India, Indonesia, Japan, Malaysia, Mexico, Morocco, Mozambique, Namibia, New Zealand, Norway, Panama, Peru, Philippines, Portugal, Puerto Rico, South Africa, South Korea, Sri Lanka, Tanzania, Thailand, United Kingdom and Vietnam.

Ocean literacy definition
Ocean literacy is the understanding of the ocean’s influence on us and our influence on the ocean. It encompasses the knowledge, skills, and attitudes needed to understand and communicate the ocean’s essential role in our environment, climate, and everyday lives. It empowers individuals to make informed decisions and take responsible actions to protect the ocean and its resources.

About Back to Blue
Back to Blue is an initiative by Economist Impact and The Nippon Foundation tackles ocean challenges with evidence-based solutions. Addressing gaps in understanding plastic and chemical pollution and ocean acidification, it leverages both organizations’ strengths in research and program development to drive progress in ocean health.

About Economist Impact
Economist Impact combines the rigour of a think-tank with the creativity of a media brand to engage a globally influential audience. With framework design, benchmarking, economic and social impact analysis, forecasting and scenario modelling, Economist Impact provides creative storytelling, events expertise and market-leading media products.

About The Nippon Foundation
Established in 1962, The Nippon Foundation is Japan’s largest philanthropic foundation. In ocean affairs, the Foundation aims to cultivate human resources who will chart a course for the ocean’s future and to pass on the ocean’s riches to future generations. Other primary areas of activity include support for children, persons with disabilities and disaster relief.

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SOURCE Back to Blue

Newly restored park delivers safer access, greener infrastructure, and an expansive “front porch” on the Chattahoochee River for 270,000+ annual visitors

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CUMBERLAND, Ga., June 7, 2025 /PRNewswire/ — Hundreds of residents, elected officials, business and civic leaders, and park enthusiasts gathered this morning as the Cumberland Community Improvement District (CID), nonprofit One Cumberland, and the Chattahoochee River National Recreation Area (CRNRA) cut the ribbon on the renewed Paces Mill in the Palisades Unit of the CRNRA. The celebration marked the completion of Phase One of New Day Palisades, a two‑phase, $15.8 million project to rehabilitate 22 acres of greenspace and riverfront trails along the Chattahoochee River.

“When we launched the New Day Palisades project, we envisioned more than just fresh pavement – we imagined a front porch on the Chattahoochee in the national park that belongs to everyone,” said Bob Voyles, board chair of the Cumberland CID. “Today, that vision springs to life. The redesigned circulation system, resilient native landscapes, and direct river touchpoints mean every school bus, wheelchair, kayak trailer, and pair of hiking boots can arrive safely, move easily, and experience the river up close. This milestone reflects years of collaboration among the Cumberland CID, the National Park Service, our federal delegation, commercial property owners, and thousands of residents who asked us to re‑imagine their backyard national park.”

Phase One Highlights

• A newly engineered parking hub and bus‑drop loop untangle traffic and separate pedestrians from vehicles, creating a welcoming destination for more than 270,000 annual visitors.
• Space for a sweeping native meadow, bioswales and precision grading now capture and filter stormwater before it reaches the river, stabilizing soils and enhancing ecological resilience across the 22‑acre site.
• Rebuilt boardwalks, gently graded paths guide every visitor – regardless of ability – directly to the water’s edge within minutes, turning the Chattahoochee into an immersive classroom and playground.

The $6.3 million phase one was funded with $4.3 million provided by the Cumberland CID and $2 million in federal appropriations championed by Georgia’s congressional delegation, including U.S. Senators Jon Ossoff and Raphael Warnock, and U.S. Representatives Barry Loudermilk, Lucy McBath, and David Scott.

“Today’s ribbon cutting is a celebration of partnerships and a representation of what is possible when federal, state, and local leaders work together in service to our community,” said U.S. Representative Lucy McBath (GA-06). “The reopening of Paces Mill shows how smart investments in public land improve our health, strengthen our economy, and preserve Georgia’s natural treasures for generations to come. As your Congresswoman, I was proud to help secure federal funding for Phase One of this project, and I look forward to remaining engaged as we look ahead to the next stage of development for this wonderful community asset.”

“The completion of Phase One marks an exciting time in the effort to revitalize Paces Mill, so the hundreds of thousands of visitors each year can continue to enjoy this area for decades to come,” said Congressman Barry Loudermilk (GA-11). “I’m especially proud of the hard work Cumberland Community Improvement District and the nonprofit One Cumberland have done to make this vision a reality, and for the funds Congress was able to appropriate to help complete Phase One.”

“The New Day Palisades project is more than a transformation – it’s a strategic investment in Cumberland’s ecological assets,” said Rob Garcia, board chair of One Cumberland. “Through careful planning, we are ensuring Paces Mill remains a cherished destination for outdoor recreation while strengthening our community’s identity with improved accessibility, cultural enrichment, and environmental stewardship. We look forward to engaging the community to help move forward the vision of Phase Two.”

As funding allows, the $9.5 million Phase Two will begin in 2026 with an expected completion in spring 2027. One Cumberland will work to help raise funds for Phase Two. Phase Two will feature a new Visitor Information Center with enhanced restrooms and changing facilities, an open-air pavilion, and additional elements that will provide greater access to the Chattahoochee River.

Looking ahead: Phase Two (2026‑2027)
Planning is already underway for a $9.5 million second phase that will crown Paces Mill with:

• A fully ADA‑accessible Visitor Information Center featuring modern restrooms and changing rooms.
• An open‑air pavilion for environmental education and community events.
• Broad river steps beneath the U.S. 41 bridge and additional habitat and trail enhancements.
• River overlooks to increase accessibility to the Chattahoochee River.

When complete in spring of 2027 – timed to coincide with the CRNRA’s 50th anniversary, established in 1978 when President Jimmy Carter signed the enabling legislation – the two‑phase effort will stand as the single largest investment in public access to the Chattahoochee within the national park.

To learn more about the New Day Palisades project, please visit https://newdaypalisades.org/.

About Cumberland CID
The Cumberland Community Improvement District (CID), Georgia’s first CID, is one of the nation’s premier models of public-private collaboration. More than 190 Commercial property owners pay additional property taxes, and the CID leverages these funds to advance key projects for increased access, better connectivity, and a more vibrant character throughout the Cumberland area. Each year, the CID creates more value for the community by initiating and leading enhancements to make Cumberland a more attractive place to operate a business, to work, and to live. Today, Cumberland has a $26.6 billion annual impact on Georgia’s economy. Cumberland is home to leading companies including The Home Depot, Papa Johns, TKE, Comcast, Genuine Parts Company, and more. To learn more about the Cumberland CID, the Cumberland Sweep, and the Cumberland Hopper autonomous shuttle pilot program, please visit cumberlandcid.org.

About One Cumberland
One Cumberland is committed to ensuring Cumberland’s national parkland receives sustainable investment, care, and recognition. Established in 2022 by the Cumberland CID, the nonprofit aims to create a greater sense of ownership, affiliation, and connectivity between Cumberland and the community. One Cumberland’s mission is to protect and conserve the natural resources of Cumberland and establish the district as a vibrant, diverse community through the enrichment of cultural amenities, quality of life, improved access, and environmental stewardship. For more information visit onecumberland.org

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SOURCE Cumberland Community Improvement District