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Tax Abatement Should Help Get Novare's SkyHouse Financed & Under Construction

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The Novare Group, one of Atlanta's most prolific condominium developers during the boom, has wisely shifted gears and made a well-documented move into apartment development. And they just scored a nice $2.5 million tax abatement from the Atlanta Development Authority to help move their 320-unit "Skyhouse" luxury apartment project along. The ADA cited job creation and (eventually) increased tax revenues in justifying the move of subsidizing private development aimed at an affluent demographic. Novare chief Jim Borders intimated that the abatement is crucial in getting his construction financing. Gotta love the banks...at once among government's biggest critics, but also propped-up-by and able-to-earn-origination-fees-via the largesse of government at every level.

· $2.5M tax break helps Midtown project [AJC]