MidCity, South City Pursuing Tax Abatement For Alpharetta Project
Developers for the mixed-use phase of Alpharetta's City Center project are pursuing more than $70M in bond financing to get started.
Under the moniker MMS Alpharetta, the JV team of MidCity Real Estate Partners, South City Partners and Morris & Fellows is slated to develop three mixed-use buildings and a handful of freestanding restaurants in the 25-acre master planned Alpharetta City Center.
Now, $72.5M in revenue bonds are set to be approved, which will translate into property tax breaks for the developers over the course of a decade. They would fund a mix of office, apartments, retail and restaurant spaces, according to documents filed in Fulton Superior Court.
MidCity's Kirk Demetrops says work will begin early next year on a 168-unit apartment complex perched on 35k SF of retail as well as a 36k SF office building with another 7,500 SF of street-level retail. It may even already have a tenant lined up.
Kirk tells us they've inked a letter of intent for the headquarters of an unnamed Atlanta company. Begun in 2011, the City Center will include a new city hall, a library and a five-acre park, as well as more than 40 single-family houses.
