City looking for ‘catalytic’ development on Westside
The City of Atlanta’s economic development authority, Invest Atlanta, has announced it is taking applications from qualified developers for “catalytic real estate projects” within the Westside Tax Allocation District. Eligible projects must have a total project cost of at least $5 million and be located within the boundaries of the Westside TAD, including the western portion of Downtown, and the neighborhoods of Vine City, English Avenue, and a portion of Castleberry Hill.
“This is a call to developers with a vision to unlock the economic development potential of these neighborhoods,” said Ernestine Garey, executive vice president and COO of Invest Atlanta. “We are looking for new, fresh ideas that will offer the downtown community and the surrounding neighborhoods a foundation for sustained economic growth that aligns with the dynamic development that is happening throughout Atlanta.”
Invest Atlanta plans to utilize up to $15 million in available Westside TAD tax increments to provide gap financing for the projects. As part of the process, developers must demonstrate that their project meets the goals of the Westside TAD Redevelopment Plan and that Westside TAD funding is critical to the viability and completion of their project.
Developers will be eligible to receive up to 10 percent of total project costs, inclusive of hard costs, soft costs and land acquisition. Applicants must demonstrate experience with real estate projects that have resulted in other economic development or resulted in positive economic impact. The developer’s project-ready plan must also evidence property control, financial feasibility, and market acceptance. Projects will be evaluated on their overall quality and ability to generate significant positive community impact to the Westside TAD.
For more information on the process and applications, visit this link. An informational session will be held at 9 a.m. on June 27 at the Invest Atlanta offices, 133 Peachtree Road NE, Suite 2900. All developer inquiries must be submitted in writing by July 2 at 5 p.m.