A plan to revitalize a blighted 14-acre Doraville shopping center with new apartments and workforce housing will get a boost from almost $19 million in property tax abatements.
Atlanta developer Kaufman Capital Partners won approval for the tax breaks, which will offset costs to redevelop the 35-year-old shopping plaza at Tilly Mill Road and Peachtree Industrial Boulevard.
Kaufman Capital Partners reached an agreement with the city to invest $50 million in the project.
It also received the OK to extend the deadline for substantial completion of the redevelopment to at least March 2023. The decision, carried out by the Doraville Development Authority, reflects concerns about possible delays in permitting and uncertainty in the real estate market amid the ongoing outbreak of the novel coronavirus.
“I don’t believe anyone in the development community has ever been through this,” Garry Sobel, a senior vice president with Kaufman Capital, told Authority members.
Sobel later said of the current environment for developers, “There is chaos everywhere.”
The project calls for redeveloping the shopping center known as “The Village at Tilly Mill” with two residential buildings ranging from three to five stories and between 305 and 320 apartments.
Kaufman Capital is also setting aside a few apartment units at 30% below the market rate. The units will be for members of the Doraville police force or staff.
By Douglas Sams Commercial Real Estate Editor, Atlanta Business Chronicle