The city’s economic development arm, Invest Atlanta, has approved more than $17 million in tax incentives for two projects at the former Turner Field and for projects in Midtown.
According to the AJC, a $2.8 million tax break was approved for a project called Aspen Atlanta, a 680-bed, $69 million student housing project on Ralph David Abernathy Boulevard.
The board also approved a nearly $2 million tax break for a $50 million project on Georgia Avenue that will include an office building, retail, restaurants and 129 apartments.
The developments will be part of what is now being called Summerhill, named after the historic neighborhood where it’s located.
Georgia State University and a team of developers recently purchased Turner Field and surrounding properties for conversation into a mixed-use development of student housing, offices, retail, homes and more. Turner Field has been rechristened Georgia State Stadium and converted for use by the Panthers football team.
The board also approved tax breaks for two Midtown projects: $5 million for a new office tower by developer John Portman at Technology Square and $7.6 million for North American Properties’ redevelopment of Colony Square.
The approval of the incentives didn’t come without debate, as one member of the Invest Atlanta board questioned whether too many breaks were being offered. Board member Julian Bene said the city’s property tax digest been mostly stagnant since 2010, but others on the board said the projects would be lost without the tax breaks.