Portman’s third West Peachtree office project earns 10-year tax break

Invest Atlanta just approved a $110 million lease bond package for the tower development

By Sean Richard Keenan@ThatSeanKeenan Nov 12, 2018, 10:06am EST

a rendering of the tower to-come — The project in question, at left.

One of three major John Portman and Associates-designed office projects on Midtown’s booming West Peachtree Street just scored assistance from Invest Atlanta, echoing similar moves for developments in high-profile places.

In September, Bisnow reported that Portman Holdings was angling for a $110 million lease bond incentive to help develop a 23-story, 345,000-square-foot office building called 712 West Peachtree.

And last week, Atlanta’s economic development agency approved that bond package, which would equate to about $5 million in property tax savings over 10 years, according to the publication.

712 West Peachtree, the third Portman-designed office tower slated for Tech Square, is expected to cost around $150 million and yield upwards of 2,000 new jobs for the neighborhood, although Bisnow reports no tenants have been secured yet.

A bank that’s long operated in the 700 block of West Peachtree would be incorporated into the 5,000 square feet of ground-floor retail space in the tower.

Above the retail component, five floors of parking are planned, and 15 floors of office space would top that.

Sited at the corner of West Peachtree and 3rd streets, the office tower would neighbor the 21-story Anthem office building—a base for the Fortune 500 health benefits company—and the 21-story computing tower Coda, which finished its ascent in early September.

The Anthem project is a year behind schedule and anticipated to be complete by March 2020, whereas Coda’s construction could wrap by this spring.

Portman has yet to announce a timeline for the 712 West Peachtree project.

Invest Atlanta made headlines last year for helping New Realm Brewery open in a prominent warehouse space along the Atlanta Beltline’s Eastside Trail via $10 million in industrial development revenue bonds.

That $15 million project was said to create 60 new jobs with an economic impact of $21 million, per Invest Atlanta’s tally.