The Invest Atlanta board of directors has approved the sale of the Atlanta Constitution building, which will be redeveloped into a mixed-used development with 34 affordable housing units.

On Oct. 19, the board awarded the sale of the building located at 143 Alabama Street for $2 million to Pope & Land and Place Properties. The historic structure has been vacant since the 1970’s.

“This is a project that’s near and dear to all our hearts,” said Dawn Luke, Invest Atlanta’s Senior Vice President of Community Development. “We’re excited because this project not only protects and restores a blighted property, but it also provides a much-needed asset in Downtown Atlanta.”

The joint venture will redevelop the property into a mixed-use project that will include into 67,000 square-feet of loft office and 2,5000 square-feet of retail space.

It will also include a residential component with at least 112 new multi-family rental units, 34 of which will be income-restricted to households earning 80 percent of the area median income.

This project will preserve a historic building, serve as an economic anchor bringing 24-hour vitality to South Downton, and provide 30-year housing affordability in Downtown Atlanta.

The $40.6 million project is estimated to have an economic impact of $56.5 million and will create 360 permanent jobs in the new office and retail spaces.

Construction is expected to begin in the summer of 2018.

Following the sale of the historic Atlanta Constitution building, a company will redevelop the site, according to the rendering above. (Invest Atlanta)

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