Norfolk Southern Office Renovation Seeks City Help
Norfolk Southern is choo-chooing more jobs into Atlanta with the help of a $75M revenue bond.
The railway conglomerate is seeking approval from the City of Atlanta through its economic development arm InvestAtlanta for $75M in revenue bonds that will cut Norfolk Southern's property taxes for a handful of years. In turn, Norfolk Southern plans to renovate its offices at 1200 Peachtree St in Midtown. According to InvestAtlanta docs, Norfolk Southern plans to move 253 employees from Virginia to Atlanta, and will do a full renovation that includes everything from plumbing, roofing, energy efficiencies and architectural upgrades.
The deal comes on the heels of the railway company's recent short-term deal at Colony Square, where it's relocating employees while it renovates its space in the building at 1200 Peachtree St. According to InvestAtlanta docs, the new jobs at the building will have an average wage of $86k/year, and will add some $581k/year and $811k/year to both the city's and Fulton County's taxes, respectively, with a total economic impact of $109.2M.
CORRECTION: An earlier version of this story incorrectly stated that 1200 Peachtree St was owned by Cousins Properties and showed a picture of Promenade, which Cousins does own. Cousins has no ownership interest in 1200 Peachtree, and Norfolk Southern has no presence in Promenade. Bisnow regrets the error.