A development in the Sweet Auburn neighborhood of Downtown Atlanta could be getting an incentive boost to make way for a senior housing project.
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Invest Atlanta's Tax Allocation District committee voted Thursday to recommend that the full board of Atlanta's economic development arm should greenlight a $1.5M incentive from the Eastside Tax Allocation District to finance the second phase of McAuley Park, which would create 96 units of senior housing, according to documents.
Pennrose, in a joint venture with St. Joseph’s Health System Inc., is already under construction with the first phase of McAuley Park, which involves 170 units of family housing and a 311-space parking deck that serves both the apartments and St. Joseph’s Mercy Care clinic on the property. Pennrose plans to keep 18 of the one-bedroom units priced at $904 per month, which is 50% of the area median income, and another 65 one-bedroom units at $1,085 per month, which is 60% of the area median income.
The developer is also applying for a 9% Low-Income Housing Tax Credit for the second phase, according to Invest Atlanta.
The incentive package will go before a full Invest Atlanta vote next week.
DEVELOPMENT
Tyler Perry Studios has filed an application to develop a new soundstage and two-story office tower at 1410 Campbellton Road near its existing studio campus. The Atlanta film mogul seeks to erect a 20K SF precast concrete building that will accommodate both studio and office space, according to the application.
PERSONNEL
The Southeast region of the Society of Industrial and Office Realtors has named JLL Executive Vice President Brad Pope as its regional director. SIOR has 3,700 members across the globe. Pope, who previously served as president of SIOR’s Georgia chapter, will be installed in the position during the organization’s fall conference this year in Chicago.
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Marcus & Millichap Capital Corp. has tapped David Johnson as managing director in its Atlanta office, responsible for the origination and placement of debt and equity financing for commercial projects. He will report directly to MMCC Senior Vice President Marc Sznajderman. Prior to Marcus & Millichap, Johnson founded Atlanta-based mortgage banking firm Piedmont Highlands Capital.
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Ackerman & Co.’s retail division has hired Stephany Cruz and Katie Hartman as leasing associates, working with Brian Lefkoff, the head of its tenant representation group. Cruz was a marketing director for Horizon Group Properties, and Hartman is a recent graduate of the University of Alabama.
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Bull Realty has hired Erik Korkmaz and Jimmy Hubbard as new brokers, with Korkmaz focused on retail investment sales and leasing and Hubbard focused on the industrial market.
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Avison Young has named Chris Godfrey principal for the Atlanta office, a position that grants Godfrey a say in the direction of the firm. Godfrey joined Avison Young in 2015 as an office landlord representative and has leased 4M SF across Metro Atlanta.
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