Host Of Developers Seeking Property Tax Breaks From Invest Atlanta This Week
Invest Atlanta is slated to approve a host of Atlanta development projects that could see developers save more than $20M in property taxes in the next decade.
North American Properties is among the developers that could get the biggest break in property taxes on Thursday. According to documents with Invest Atlanta, NAP is seeking a $160M lease-purchase revenue bond from the city to redevelop Colony Square, a project that is set to include 143K SF of retail, more than 200K SF of office, a 25K SF food hall, an eight-screen movie theater and a fitness facility.
“These new amenities will serve not only the existing Midtown office population of 65,000 employees, but also the booming resident population of Midtown and nine million annual visitors to Midtown,” Invest Atlanta officials stated in documents.
Officials also estimate that Colony Square will have a more than $230M economic impact on the area. Its revenue bond is the largest in the host of projects potentially getting property tax breaks, and will help NAP save more than $7.6M over the course of 10 years.
Other projects on the docket for Thursday's Invest Atlanta meeting include:
- Summerhill Mixed-Use project, the redevelopment of the former Turner Field property by Carter, Oakwood Development and Healey Weatherholtz Properties that will include offices, apartments, retail and specialty uses. “The Summerhill Mixed-Use project will have the largest economic impact of any development south of I-20, besides Hartsfield-Jackson Airport,” Invest Atlanta officials said. Developers are expected to save nearly $5M in property taxes over a decade through a lease-purchase revenue bond, and plan to designate a portion of its apartment units geared toward workforce housing rents.
- Aspen Heights Partners' 220-unit Georgia State University student housing project that will be part of Summerhill. The developer is in line to save more than $2.5M in property taxes over the course of a decade through a lease-purchase revenue bond, while keeping the bedrooms in the units priced for students, according to documents.
- Portman Holdings planned 350K SF office tower in Midtown across from its Coda development, which is seeking some $5M in property tax breaks with a $105M lease-purchase revenue bond over the next decade.