News
CREDIT CREDITS
September 26, 2011
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| A healthy dose of tax credits can be, ahem, credited for helping some big redevelopment projects in Atlanta. That's according to Atlanta Development Authority's Dale Royal who spoke last Thursday at the Georgia CCIM chapter's morning panel at The Terraces in Dunwoody. Among the projects to get funding from the New Markets Tax Credit program (which provides third-party, federally subsidized low-interest loans to developers where a portion is forgivable after seven years) was the redevelopment of the former Macy's store downtown into an events facility. The developer got a $12M loan, Dale says, matched by the its own equity and investment from Fifth Third Bank, which will get a 39% tax credit. Other projects that received this credit include Jacoby Development's Aerotropolis project for Porsche HQ and the Georgia Aquarium's new dolphin exhibit. ?It's incentives like that which we're using to drive investment to areas of Atlanta.? | |
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| MARTA's Paul Grether says the upcoming streetcar project is helping address a new demand for an urban lifestyle. While the project has generated some criticism for its East-West route—and not along Peachtree Street—Paul predicts that ridership will be boosted by residents of the Edgewood neighborhood and Georgia State students. ?All those dormatories are clustered along Piedmont,? he says, adding that it will have a ?most diverse? ridership. |
