A development that backers say proves Atlanta's ability to lure large-scale investment beyond the Peachtree Street corridor is now flush with cash. And Murder Kroger is that much closer to the gallows.
Atlanta Business Chronicle reports that the city’s economic development agency, Invest Atlanta, voted Thursday to put dollars behind a planned redevelopment project that includes the replacement of Murder Kroger on Ponce.
The organization approved issuing up to $188 million in bonds to finance the project, which has been dubbed 725 Ponce. It's a 360,000-square-foot, 12-story office tower with retail space that sits atop the new grocery store.
Beneath it all: a three-story underground parking deck.
The newspaper reported Beltline CEO and President Paul Morris as saying the office venture will be the first Class A development along the path. "It’s a game changer in the business community," Morris said. "We feel very confident this will set the tone for other projects."
He said the project will create more than 2,000 construction jobs and 1,550 permanent office and retail positions.
Per the city, Invest Atlanta — who issued the bonds — is "the catalyst for residential and commercial economic vitality in Atlanta."
The Poncey-Highland chain grocer known for eons as Murder Kroger is scheduled to close Oct. 28. The existing Kroger facility, which will vie for the "Beltline Kroger" moniker, will be demolished after 30 years in business on Ponce.
- Invest Atlanta issues bonds to finance Murder Kroger [Atlanta Business Chronicle]