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MARTA has selected Portman Holdings to redevelop its North Avenue station into a transit-oriented development (TOD).
Debbie Frank, director of transit-oriented development for MARTA, presented an overview of Portman Holdings’ plans for the train station at Wednesday’s Atlanta city council committee.
“We will request board approval of award to Portman Holdings next month,” Frank said.
“The North Avenue TOD project is the first time we are redeveloping a station through a public-private partnership, or ‘P3.'”
Portman Holdings is proposing 480,000 square feet of office, 10,000 square feet of retail, a 275-key hotel, and 800 parking spaces for the TOD, according to Wednesday’s presentation.
“This is significant for MARTA,” Frank said, referring to a $13.1 million investment by Portman Holdings designated for “station enhancements.”
“[Portman Holdings] will recoup their investment through ground-lease payments for a limited time.”
The station enhancements, pictured in the above rendering, are in addition to a glassy-tower that will house the mixed-use components (pictured below).
The total cost of the development was not disclosed.
Income from the ground-lease of the TOD will be used by MARTA to “support planned affordable housing efforts.”
MARTA in August 2019 by way of JLL issued an RFP for the North Avenue station TOD project. Proposals were accepted through January 2020.
It’s unclear when the project would break ground.