A mixed-use development in the works in West Midtown, Star Metals Atlanta, just earned a major tax incentive that could help move the project forward and funnel millions of dollars into Fulton County’s tax digest in coming years.
The $330 million venture, which would ultimately include an office stack, residences, and a hotel, this week secured what’s called a “title for bond” tax incentive, which takes part of increased property taxes from a new development and yields it to the developer via tax abatement once the project delivers.
Officials with developer Allen Morris said the 10-year abatement with the Development Authority of Fulton County would inject some $3 million into the tax digest annually.
“The mechanism for doing this is that the developer gives the authority granting the incentive their property title, and then leases the property back from the authority during the term of the abatement,” according to a statement sent to Curbed Atlanta by Allen Morris reps.
Officials claim the development will eventually create 3,000 construction jobs and nearly 2,000 permanent full-time jobs.
The tax incentives would allow $90 million to be directed to Minority Business Enterprise, Women Business Enterprise, and workforce housing initiatives, officials said.
Star Metals’s residential and office buildings, which launched construction in July and September, respectively, are still on track to deliver next year, and the hotel is slated to debut in 2021.
Collectively, the 5.4-acre site is projected to see about 227,000 square feet of Class A office space, 55,000 square feet of retail and restaurants, 400 one- and two-bedroom apartments, and a $100 million, 155-key boutique hotel at 1050 Howell Mill Road.
Star Metals is also expected to debut “traffic mitigation systems”—something the car-clogged Howell Mill corridor could need—which will provide shuttles to MARTA for tenants and residents.
Plus: “We are using smart-parking guidance systems that facilitate visitors getting to the building efficiently, and we are providing geotagged off-street rideshare pick-up and drop-off [points] that limit rideshare from [interfering] with traffic at all three buildings,” per a statement from Allen Morris officials.