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Tishman Speyer Drops Out Of Civic Center Redevelopment

The Boisfeuillet Jones Atlanta Civic Center site, which is again up for grabs with developers.

New York developer Tishman Speyer pulled out of its agreement to redevelop the Boisfeuillet Jones Atlanta Civic Center, just a day after city officials voted to move forward with the developer. 

Tishman Speyer informed board members of Atlanta Housing — one of the largest housing authorities in the country — that it was withdrawing as a partner on the civic center project. The firm, along with H.J. Russell & Co., was selected by AH on May 25 to redevelop the 50-year-old vacant property, which includes the civic center building and 14 surrounding acres, Atlanta Civic Circle reported.

AH CEO Eugene Jones said Tishman's decision “comes as a great surprise” to the agency, which purchased the civic center site for $31M in 2017 and has worked, unsuccessfully so far, to find a developer to build a major new housing project at the corner of Piedmont Avenue and Ralph McGill Boulevard.

“While this is clearly a unique development site with great potential, we've determined that the project is not right for us at this time,” a Tishman spokesperson told Atlanta Civic Circle.

Tishman and Russell envisioned a center retail plaza and 1,300 housing units,  including 400 designated to be affordable for a family of four earning more than $86K per year, The Atlanta Journal-Constitution previously reported.

Tishman and Russell were among a handful of developers to submit proposals to AH for the site, the second time AH had considered developers for its dreamed-of project. Previously, Houston-based Weingarten had sought to redevelop it, but those plans also fell by the wayside.

“While the administration is disappointed with the developer’s sudden withdrawal after an eight-month-long procurement process with Atlanta Housing, we are fully confident that the Atlanta Housing board of commissioners will move expeditiously to select a new development partner that shares our collective vision of a site that brings equity and opportunity to our community, highlighted by a deep commitment to housing affordability,” Atlanta Mayor Andre Dickens said in a statement.

This is the second major redevelopment project that Tishman has dropped out of in Metro Atlanta. Last year, Tishman — which developed Three Alliance Center tower in Buckhead — pulled out of talks with Elevator City Partners, formed by BeltLine visionary Ryan Gravel, to buy and redevelop the Mall at West End

It still has visions for a huge development in Atlanta, just not in the Old Fourth Ward. Last month, Tishman filed permits with the Georgia Department of Community Affairs to develop a mixed-use project that could include 700 apartment units, 300K SF of office and 50K SF of retail off 10th Street in Midtown.