Developer Portman Holdings’s third office tower project planned on a small stretch of Midtown’s West Peachtree Street is lobbying Atlanta’s economic development agency for more than $100 million in incentives, according to Bisnow.
The news comes as the protracted controversy involving a possible $1 billion or more incentives package for CIM Group to redevelop the Gulch continues into later this month, at least.
Founded by the famed late architect and developer John Portman, the Portman company is asking Invest Atlanta to green-light a lease bond incentive worth $110 million, which would offset property taxes for 10 years, the publication reported.
That push would help develop the 345,000-square-foot office tower known as 712 West Peachtree—named after its address—which, Portman heads suggest, could bring more than 2,000 new jobs to the Georgia Tech area and make a $220 million economic impact on Atlanta.
Delivering on those promises, Bisnow reports, could save Portman upwards of $5 million in taxes over the next decade.
The development, which is being designed by architects John Portman and Associates for the corner of West Peachtree and 3rd streets, is slated to rise 23 stories and neighbor two similarly sized office projects by the same company.
The Midtown Bank that’s operated for years on the site is expected to relocate to be part of the 5,000 square feet of ground-level retail the tower would offer, according to Midtown Alliance.
Above that would be a five-floor parking podium, which would be topped by 15 levels of office space.
Next door to 712 West Peachtree is Portman’s 21-story office project for Anthem, which would house the Fortune 500 health benefits company’s operations; next to that is Coda—also 21 floors—the computing tower that just wrapped vertical construction.
A year behind schedule, the Anthem project is expected to be finished by March of 2020, whereas Coda’s construction could conclude by this coming March.
A timeline for the 712 West Peachtree development has not yet been announced, although Invest Atlanta is expected to vote on its incentives plea during a Thursday meeting, according to Bisnow.
This headline was corrected on September 19 at 3:52 p.m. to show the incentives sought are property tax breaks that, over 10 years, could amount to $5 million.