Murder Kroger Seeking Tax Incentives For Major Redo
The planned major redevelopment of Murder Kroger is looking for more than $7M in tax abatements from the City of Atlanta.
InvestAtlanta is set to vote on a $155M bond issuance to New City for its planned redevelopment of the Kroger-anchored shopping center at 725 Ponce de Leon Ave, just across from Ponce City Market.
New City is headed by Jim Irwin (shown), who was responsible for helping Jamestown Properties redevelop the iconic Midtown project Ponce City Market, plans to transform the shopping center known as Murder Kroger (but now being pushed by officials to be called Beltline Kroger) into a more than 400k SF mixed-use project that will include a 60k SF urban-format Kroger and a 360k SF office tower (with 10k SF of retail), according to InvestAtlanta documents. The bond will be used to ultimately abate nearly $7.4M in property taxes over 10 years.
In documents, InvestAtlanta and New City reveal other details on the redevelopment project, including:
- New City is developing it in conjunction with JP Morgan Investment Management.
- It's a $155M redevelopment, and the existing Kroger will be demolished to make way for the new prototype that will have a dedicated entrance onto the Beltline pathway.
- Some 1,900 office and retail jobs are projected to be brought to the project.
- The project could generate $1.3M in Atlanta taxes and $1.7M in Fulton County taxes over a 10-year period.
- The redevelopment could have a $221M economic impact on the Midtown area.