Dewberry Seeking Property Tax Break For Campanile Redevelopment
Dewberry Capital is seeking nearly $125M in revenue bonds from the Development Authority of Fulton County to convert the ground level of the nearly 450K SF office tower into retail space, according to documents filed with Fulton Superior Court. The new bonds would also be used to retire $66M in revenue bonds Dewberry received for Campanile in 2013.
Developers do not actually receive the direct monetary value of the bonds, but they are used to offset property taxes for owners over a number of years.
Officials with the development authority did not return calls seeking comment. Atlantic Capital Properties CEO Jim Meyer — who recently established a joint venture with Dewberry to lease his buildings, including Campanile — declined to comment.
Last year, Dewberry floated plans to redevelop its 20-story Campanile Building by adding 150K SF of office in new floors atop the tower and creating a 77K SF ground-level retail campus fronting Peachtree, 14th, 13th and Juniper streets, the Atlanta Business Chronicle reported.
According to bond documents, Dewberry does plan to use the bonds to help finance the retail portion of the project. It was unclear as of press time whether adding office floors to Campanile was still part of the plans; it is not specifically mentioned in bond documents filed with the court.
A Fulton Superior judge is scheduled to authorize the bonds on Dec. 14, according to documents.