THE ATLANTA DEVELOPMENT AUTHORITY INVEST ATLANTA
BOND INDUCEMENT RESOLUTION FACT SHEET COLONY SQUARE REDEVELOPMENT
PROJECT NAME: Colony Square Redevelopment
LOCATION: 1175, 1197 & 1201 Peachtree Street, NE Atlanta, Georgia 30361 Council District 6; NPU E
INVESTMENT: Approximately $160,000,000
PROJECT DESCRIPTION: North American Properties is redeveloping the existing retail and food court along with second floor office space at Colony Square into a vibrant mixed-use development at Peachtree and 14th Street, the heart of Midtown Atlanta. The redevelopment will consist of 225k sf of retail and 59k sf of office space. The project will include a 25k sf food hall, 8 screen movie theatre and fitness operator. These new amenities will serve not only the existing Midtown office population of 65k employees but also the booming resident population of Midtown and 9 million annual visitors to Midtown. The project will also include a future residential or office tower at Peachtree and 15th Street.
Project improvements will include a plaza area for public events, improved wayfinding and pedestrian access, traffic improvements, improved energy efficiency and additional green space. ECONOMIC BENEFITS: • Approximately $160 million of investment in Midtown Atlanta • Project will create up to 390 new retail employees and 250 new office employees • Project will create 88 full time equivalent construction jobs • Estimated increase in annual sales tax revenue of $9.2 million • Estimated increase in annual property tax revenue of $1.7 million • Economic impact of $230.1 million* • The redevelopment will be more energy and resource efficient through the following: o Removing 190k sf of building from inefficient Central Energy Plant (CEP) and replacing with energy efficient heating and cooling systems o Replacing 50k sf of inefficient glass with energy efficient glass and removing 7.3k sf of inefficient skylights • The project will serve Midtown’s booming residential population and is expected to be a catalyst for additional development and corporate relocations
*Based on IMPLAN analysis
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ESTIMATED TAXES PAID WITH BOND OVER 10 YEARS: $22,894,080
ESTIMATED TAX SAVINGS OVER 10 YEARS: $7,631,360
ESTIMATED CLOSING DATE: September 2017
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