Atlanta Incentives Used to Finance New Construction at Centennial Yards

Centennial Yards Project Shifts Focus to Residential and Hotels, Office Towers Not Included

The Centennial Yards project in downtown Atlanta is undergoing significant changes, with developers shifting the scope to focus on residential and hotel spaces rather than office towers. The project, spanning nearly 6 million square feet, is set to transform a 50-acre area filled with rail lines and parking decks.

According to Ben Vera, vice president of CIM Group, the project is gaining momentum with the construction of two towers already underway. The development team is actively pursuing potential office tenants, despite the current challenges in the post-pandemic office sector.

The project’s core 8-acre entertainment district is set to begin construction soon, with the goal of completing the exterior by 2026. The district will feature four new buildings and a plaza for fan events, aligning with Atlanta’s hosting of eight World Cup matches that year.

The financing for the project includes bond issuances that will be repaid through future tax revenue streams generated within Centennial Yards. The developer has partnered with JPMorgan Chase, D.A. Davidson & Co., and Truist Securities to manage and underwrite the bonds.

Brian McGowan, president of Centennial Yards Co., emphasized the importance of government partnerships and financing tools in making the project feasible. He highlighted the project’s potential to create jobs, affordable housing, tax revenue, and new opportunities for Atlantans.

The Centennial Yards project is part of a larger effort to revitalize downtown Atlanta, with several developments poised to bring billions of dollars into the city’s core. The upcoming World Cup in 2026 will further spotlight downtown Atlanta, providing a deadline for promised improvements to the area.

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