FULTON COUNTY, Ga. — The Develop Fulton Board of Directors approved a more than half-billion dollar bond inducement for a new mixed-use property south of Interstate 20.
According to the announcement from the development authority, the vote to approve the $538.3 million bond inducement was unanimous, greenlighting the start of development for Project Nexus.
Officials said the project would be “a transformative mixed-use economic development initiative that would revitalize an area South of I-20″ and would be a “pivotal investment” in an area that has “historically been underserved.”
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The site itself will cover parts of Atlanta and East Point, according to Develop Fulton.
Develop Fulton said that “the mixed-use project, combining residential and retail elements, would be poised to boost the local tax base substantially. Development leaders estimate that, once completed, the site would generate more than $60.5 million in revenue over 10 years—30 times its current contribution.”
A priority of the development is also its commitment to creating affordable housing, which the development board said was a critical need for the area.
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The plan includes 1,126 residences for development, mixed between quality, affordable and market-rate housing for a variety of incomes.
Officials said the project will align with the City of Atlanta’s Inclusionary Zoning requirements while also extending “beyond legal requirements,” and will also provide community essentials and retail options.
“Project Nexus underscores the profound importance of catalytic investments in historically underserved areas across Fulton County,” said Develop Fulton Executive Director Sarah-Elizabeth Langford. “This initiative is more than a development as it uniquely checks several boxes for Develop Fulton by expanding affordable housing, fostering equity, and driving sustainable economic growth. Project Nexus exemplifies the power of collaborative development to create meaningful and lasting change.”
Overall, Project Nexus is expected to have a $4 billion economic impact and create 1,300 permanent jobs upon completion. Additionally, the project will reportedly create 2,800 temporary construction jobs while retaining 50 existing positions, officials said, and will also adhere to Develop Fulton’s Minority and Female-Owned Business Enterprise guidelines.
The board said they expect tax revenue to “soar from $200,884 annually to $,227,000 in the first year after project completion,” for a total of $60.5 million during the incentive period.
Project Nexus is also supposed to “integrate seamlessly with MARTA’s proposed bus rapid transit system,” which is currently in development as the agency’s NextGen Bus Network.
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