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.
