Developers Reveal First Piece Of Atlanta Civic Center Redevelopment
More than a year after taking control of the languishing Boisfeuillet Jones Atlanta Civic Center from the Atlanta Housing Authority, a trio of developers is looking to move forward on the first step of its redevelopment.
The Republic Family of Cos., which acquired the shuttered civic center in September 2022 along with The Michaels Organization and Sophy Capital, is planning to develop a six-story, 148-unit affordable senior housing building that could break ground in April and deliver by 2026, the Atlanta Business Chronicle reported.
Most units will be affordable to renters earning less than 60% of the area median income, with 19 units reserved for renters with incomes under 50% AMI, according to the ABC. Less than 50% of AMI for a family of four would be $48,200 in the Old Fourth Ward neighborhood of Midtown, according to Atlanta Civic Circle.
The joint venture, named Civic Center Partners LLC, hasn't received construction financing, but according to a master development agreement between Republic and AH obtained by the ABC, AH is expected to provide construction financing for the senior housing portion of the $575M planned redevelopment.
Last year, AH's board unanimously agreed to enter into master developer negotiations with the three parties in a joint venture to turn roughly 14 acres of the site — not including the plaza and performing arts center — into a mixed-use project. Republic plans a total of 1.8M SF of development at the site.
Aside from housing and a grocery store, the development group also plans for recreation space, a new school, hospitality, retail, office, rooftop gardens and open spaces.
The Republic-Michaels-Sophy venture is the third developer to take a shot at redoing the civic center, which shuttered in 2014. In 2016, then-Mayor Kasim Reed contracted with Houston-based Weingarten Realty to redevelop the 19-acre site and civic center. That deal fell apart, even after AH paid the city to buy the property in 2017 to assist Weingarten, the ABC reported.
AH then struck a deal with Tishman Speyer and H.J. Russell & Co. on a $1B redevelopment of the civic center property in May 2022 that would have produced 1,300 housing units. But Tishman pulled out of the project days later, saying that the timing of the project wasn't right.
AH said it will fully recover its $41.7M acquisition cost of the property over 99 years under the ground lease with the master developers.