InvestAtlanta OKs Incentives For Three Big City CRE Projects
A new Canopy hotel in Downtown Atlanta and two major corporate renovation projects were among the deals granted tax incentives by InvestAtlanta this week.
InvestAtlanta approved a revenue bond—translating into millions in property tax incentives dollars—for Legacy Ventures' planned 21-story Homewood Suites and Canopy Hilton combo hotel next to Centennial Olympic Park, a project which we first reported here. According to InvestAtlanta documents, the $55M bond will give the 333-key hotel $2.6M in tax savings over 10 years. But with 110 employees earning an average of $28,500/year, the total economic impact for the project will be $78.4M.
Both the renovation of Georgia-Pacific's HQ and the tax incentive to lure the Equifax consolidation into the city were also approved by the City of Atlanta's economic development arm. Equifax, which inked a 100k SF deal at One Atlantic Center in Midtown, was approved to receive up to $325k from the economic opportunity fund for its job generation—670 positions, of which 154 are new to the local area, with average salary at $96k/year, according to docs. The total economic impact is projected to be $75.8M.
Georgia-Pacific's 23-floor, $350M renovation at its Downtown Atlanta HQ at 133 Peachtree St will include a “modernized open office environment,” and energy-efficiency upgrades to the HVAC, lighting and water systems. InvestAtlanta approved a package that will give Georgia-Pacific $17.5M in tax savings over 10 years, but the project should have an economic impact of more than $210M, according to docs.