Imagine Downtown Inc., an affiliate of Atlanta Development Authority and Central Atlanta Progress, closed its first New Market Tax Credits loan to the Aerotropolis Atlanta (Phase I) in late May. Using $30 million of tax credit authority, IDI provided a loan of $6 million to developer Jacoby Development, Inc., the same company that oversaw the development of Atlanta’s acclaimed Atlantic Station mixed-use neighborhood. The project, which is to be located adjacent to Hartsfield-Jackson Atlanta International Airport, will develop a regional job and retail complex with up to 6.5 million square feet available for offices, retail, a hotel and a conference center over several phases. At full build-out, it is estimated that the project will create more than 10,000 jobs. Aerotropolis Atlanta is one of the largest shovel-ready projects in the Atlanta region.
Phase I is a $96 million project that will demolish all buildings and complete environmental remediation of the site, formerly the Ford Atlanta Assembly Plant. A 4,000-space off-airport parking facility with the largest clean-energy solar power array in the southeast will be constructed. Aerotropolis Atlanta will serve as the nearest parking location to the planned International Terminal, opening in 2011, and an attractive site for new businesses.
IDI was awarded an allocation of $80 million in New Market Tax Credits from the U.S. Department of the Treasury in 2007 and 2008.
