Ames Properties, LLC, a Georgia Company, has submitted a request for a $500,000 Perry Bolton Tax Allocation District (TAD) Grant, which will be used to renovate a Grove Park commercial building.
The Invest Atlanta Board of Directors approved the grant request during their October 21st meeting.
Perry Bolton Tax Allocation District grants are reviewed, approved, and distributed by Invest Atlanta, the economic development authority of the City of Atlanta.
The 1.08-acre parcel holds a vacant 10,500 square foot building. Located at 2056 Donald Lee Hollowell Parkway Northwest, the project is proposed to undergo interior and exterior renovations, along with the environmental remediation of the property. The primary tenant of the project will consist of healthcare provider Humana occupying 7,800 square feet, with the rest of the building available for other commercial tenants.
Invest Atlanta documents have listed the intended benefits of granting the funds to include the following:
- The renovations to the building and the reduction of environmental hazards contained on site will increase the taxes collected from $6,085 to $40,356 per year;
- Having active tenants in an otherwise vacant building will reduce the blight and can discourage crime;
- The neighborhood will benefit from a new medical facility and new employment opportunities.
The property, located in a mixed residential and commercial district, has been vacant for more than 20 years. Based on the information provided by Ames Properties LLC, the costs associated with the renovation and acquisition of the 20-year-old vacant property are $2,327,505.
The rehabilitation of this property is the continued sign of the resurgence occurring as a live-work-play destination in the Hollowell Parkway Corridor, as envisioned in the Hollowell/M.L. King Redevelopment Plan and Tax Allocation District approved in 2006 by the Atlanta City Council.