SAC Welch Holdings, LLC has applied for TAD funding to assist with project cost increases relating to materials, HVAC, roofing, and an unanticipated elevator installation for a commercial redevelopment project located at 201 Joseph E. Lowery Boulevard.
The original house on the property was constructed in 1930, and the significant addition was completed in 1961. The property has been vacant for more than 15 years. Construction has begun on the front “house” and first floor of the building because the owners operated their businesses out of temporary space that became unavailable after January 2022. However, the developers will not complete construction on the second and third floors without additional funding. To complete the anticipated $3.6 million improvements, a request for financial assistance is requested with Invest Atlanta.
The $660,000 TAD Resurgens Fund Grant is under review by Invest Atlanta. The requested TAD grant will assist in closing the financial gap on the project along with $2.2 million in construction debt and $770,000 in owner equity.
The total leasable space proposed with the new development is approximately 11,724 sq. ft. The owners will lease 8,400 sq. ft. for their financial services, accounting, martial arts, and nonprofit businesses. Up to sixteen spaces of various sizes will be created for small businesses with compatible services, and roughly 1,600 sq. ft. of meeting/event space will also be available.
According to information obtained through Invest Atlanta, both owners have indicated their desire to provide community benefits, including partnering with area schools to provide up to twelve martial arts scholarships annually for youth in English Avenue and Vine City. The owners have also utilized neighborhood-based contractors and have already secured one local business owner as a future tenant.