Work Set To Start In October On $28 Million Retail, Office, Apartment Development At The 700 Block of Market Street

  • Thursday, July 2, 2015
10-story building planned for the 700 block of Market
10-story building planned for the 700 block of Market

An Atlanta developer said work will start in October on a $28 million retail, office and apartment complex in the long-vacant middle of the 700 block of Market Street.

Boyd Simpson of the Simpson Company said the project was made possible because his firm also owns the adjacent SunTrust Tower and can use some of its excess parking for occupants of the new building.

He said the building, though not as high, will have about the same amount of square feet as SunTrust - 160,000.

There will be 100 one-bedroom apartments and 25 two-bedroom units.

Some will be set aside for those of moderate or low income in order to fulfill requirements for a PILOT (payment in lieu of taxes) tax abatement.

It was approved on Thursday by the city's Health, Education and Housing Facilities Board, though it was a close call for the developer and for sponsor River City Company. Only four of the seven members made it through the stormy weather. Three voted in favor, but Lloyd Longnion abstained. Assistant City Attorney Phil Noblett said since there was not a negative vote that the project could go forward.

Mr. Simpson said the complex will not include a swimming pool, but he said there will be a 25-foot rear outdoor terrace for residents. He said it will be slightly above the nearby Cherry Street buildings.

All the apartments will have balconies.

He said the office section will include 14-foot, clear-ceiling units designed to attract young tech professionals.

Mr. Simpson said the building, which includes seven stories of apartments above the retail and office, "could have been higher, but we ran out of parking spaces." He said there are 370 spaces at SunTrust, and some 265-270 are in use. The new building will include some 65 parking spaces.

Mr. Simpson said the only vehicle entrance will be off Cherry Street into the SunTrust garage. He said the ownership of the adjacent building allows the project to avoid any curb cuts off Market Street.

He said the building will be LEED certified.

Mr. Simpson said the firm is close to choosing a contractor for the project.

He said the project was made more difficult by the fact the former developer bulldozed some older buildings at the site and ground that material into the soil. He said that added up to $500,000 in costs for the project.

He said his firm owns 80 buildings in the Southeast and has access to $252 million in liquid capital. He said the firm has enough funds available to build the project without borrowing, but plans to go to the bank for $17 million of the $28 million needed.

But he said if the bank loan is not ready in time, "We will go forward with our own funds."

The tax abatement is for 14 years - with no payments except for the school portion and commercial section the first 10 years. Then it will be stepped up to 20 percent, 40 percent, 60 percent and 80 percent before full payment the 15th year.

Kim White of River City said it will go from the current $14,000 to almost $300,000 a year.

 

Boyd Simpson
Boyd Simpson
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