Nearly two years after floating plans for a massive mixed-use project for a former Georgia Power site adjacent Old Fourth Ward Park, New City LLC is moving forward with the project at 760 Ralph McGill.
Permitting is now underway starting with land development, one of which is calling for $3,800,000 worth of utilities and infrastructure installation
“From a permitting perspective, for such a massive project, it makes sense to file the permits when the drawings are ready because the whole process takes a few months,” Jim Irwin, president of New City, told What Now Atlanta in a telephone interview.
“But we’re trying to stay ahead.”
At the moment, the proposed mixed-use development adjacent the Eastside Trail of the Atlanta BeltLine, consists of a boutique hotel, 500,000 square feet of residential (with 10 to 15 percent affordable housing due to new inclusionary zoning laws for that area), 25,000 square feet of commercial space, and 1,250 parking spaces with a parking deck, according to the plans.
The official filing comes just weeks after New City—amid debate about the City’s economic development tools, questions about equity and calls for clarity—temporarily withdrew its $22.5 million tax abatement ask of Invest Atlanta that it would have arrived at through a $500 million lease-purchase bond.
“The project is so complicated and multi-faceted,” Irwin said.
“When it became clear that the [Invest Atlanta] Board continued to have a lot of questions, I knew we needed to slow down and take the time to answer the questions they had about the proposal we were asking them to consider.”
The tax breaks for 760 Ralph McGill would have been passed on to potential tenants at the project as economic inducements, as was the case with another New City development, 725 Ponce, where Invest Atlanta granted investment management corporation Black Rock a $15 million-plus lease-purchase bond which will result in an estimated $705K in tax savings over time.
In return, Black Rock is bringing in 1,000 jobs.
While the tax abatement proposal and incentives package for 760 Ralph McGill is on hold for now, the project itself continues.
“So much work has to be done including permitting and financing,” said Irwin, “but we are on track for an early 2020 groundbreaking.”