Atlanta, GA
Real estate firm exits Atlanta civic center redevelopment
ATLANTA (AP) — A New York actual property funding agency has pulled out of redeveloping Atlanta’s shuttered civic heart, elevating questions in regards to the plans.
The Atlanta Journal-Structure studies Tishman Speyer withdrew this week. The Atlanta Housing Authority had late final month contracted with Tishman Speyer and Atlanta-based H.J. Russell & Co. to construct a mixture of inexpensive and market-rate housing on the 19-acre (8-hectare) property.
The corporate advised the housing authority that Tishman Speyer “decided that the mission is just not proper for us at the moment,” mentioned Atlanta Housing Authority President and CEO Eugene Jones.
“Regardless of Tishman Speyer’s sudden withdrawal, Atlanta Housing stays dedicated to its mission and can make sure the Civic Middle website is developed with a powerful inexpensive housing part, which may even advance Mayor Andre Dickens’ objective of making 20,000 models of inexpensive housing within the metropolis of Atlanta,” Jones mentioned in a press release.
Tishman Speyer final 12 months withdrew from an identical mixed-use plan to remake The Mall West Finish in Atlanta. The corporate has constructed a Buckhead workplace tower and is planning a big mission in Atlanta’s west midtown neighborhood.
H.J. Russell continues to be concerned, however Jones mentioned the housing authority is reviewing its necessities for choosing a redevelopment group.
Town closed the civic heart in 2014. A earlier non-public developer withdrew in 2016. The housing authority purchased the positioning for $31 million in 2017.
The newest proposal would rework the civic heart into a big retail area that preserves the positioning’s plaza and performing arts heart in addition to 1,300 housing models.