Atlanta’s economic development agency approved on Thursday several major projects to be built downtown and near the future Falcons stadium.
Chief among them, Invest Atlanta approved giving $4.4 million in public money from the city’s Westside tax allocation district, or TAD, to help Post Properties build a 407-unit mixed-use housing complex near Centennial Olympic Park.
The $85 million project will be located across the street from the World of Coca-Cola and The National Center for Civil & Human Rights. The project would plant Post’s flag in the heart of the city.
“This is the most significant investment in the downtown Peachtree Street corridor in more than 30 years,” said Mayor Kasim Reed, calling Post a “market leader.”
Dave Stockert, the president and CEO of Post Properties, said downtown is not as strong of a residential market as Midtown or Buckhead, but he believes the project will spur additional development.
Invest Atlanta leaders said they are considering giving Post future tax abatements on the property.
Stockert, also the chairman of Central Atlanta Progress, said the company needs those incentives to “make the numbers work” to satisfy underwriters of the deal. In exchange for the city incentives, Post must set aside 10 percent of the project’s units for affordable housing.
Invest Atlanta board member Julian Bene voted against approving the incentives. He believes the affordable housing component isn't enough to merit a $4.4 million grant.
The economic development agency also approved $4.2 million in Westside TAD dollars for a mixed-use development that will include 122 apartments, a hotel, parking deck and retail space. Developers Bolton Atlanta LLC and the Gallman Development Group say the project, Castleberry Park, will create an estimated 800 construction jobs and 112 full-time jobs. The project will be located near Mitchell Street and Centennial Olympic Park Drive.
Stadium-related developments
Invest Atlanta also awarded more than $6 million in grants for community development projects near the stadium. Among them: residential housing, community resource centers, retail space and greenspace projects.
The $6.2 million is part of a $15 million pledge the city made to the communities of English Avenue, Vine City and Castleberry Hill to off-set the disruption from the Falcons stadium.
Among the biggest winners is Quest Healthy Workforce, which received $3.4 million to develop a 19,000 square foot community resource center for workforce training, health care, education and community space.
State Democratic Rep. “Able” Mable Thomas’ English Avenue School project, a former Atlanta Public Schools property that has long sat vacant, was given a $1 million grant.
Other dollars will help turn vacant and blighted lots into retail spaces and a park, the first for English Avenue.
Invest Atlanta says it will award additional community improvement funds sometime next year. In addition to Westside TAD dollars, the Arthur M. Blank Family Foundation has also pledged $15 million.
“These new projects show how we’re honoring our commitment to ensure that Vine City, English Avenue, and Castleberry Hill reap the full benefits of the stadium project,” Reed said in a statement. “While there is still a lot of work left to do, we believe these initial projects will boost future economic development in these neighborhoods.”
Invest Atlanta estimates the grants will result in $27 million of new investment within those communities.
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