Invest Atlanta approves incentives for Tech Square project


The board of Atlanta’s development arm approved a $15 million incentive package Thursday for the second phase of Georgia Tech’s Technology Square.

Portman Holdings is the developer and Tech is the anchor tenant of the project, which will total about 1 million square feet of office, retail and data center space. The development will be part research center, next-generation computing hub and office tower.

The goal is to pull in private investment and help commercialize new technologies created by both Tech and companies that would locate on site.

Invest Atlanta executive Eloisa Klementich called the incentives package a “strategic move to help support the South’s first innovation neighborhood.” She said the project will compete with other East Coast innovation districts such as The Bridge on Roosevelt Island in New York.

The project, which is formally known as the High Performance Computing Center, is a joint venture of Portman Holdings and Tech. Tech will be the anchor tenant, taking up about half of the planned office space, but private companies and research partners are being wooed for the more than $350 million development.

The 25-story project is estimated to create 2,100 construction jobs, hold 2,400 workers on site and result in an estimated economic impact of $813.8 million, according to Invest Atlanta. It is expected to open in 2018, and brings property once under control of the philanthropic arm of the university onto the tax rolls.

The estimated property tax savings for the project extends over 15 years, Invest Atlanta documents said, and tax payments from the owner will total $17 million in that time.

Read more about the project later today at www.MyAJC.com or in the Friday print edition of The Atlanta Journal-Constitution.


Reader Comments ...


Next Up in Local

‘Get a mount, get used to it’: How to prep for hands-free driving law
‘Get a mount, get used to it’: How to prep for hands-free driving law

Georgia’s new hands-free driving law is coming and coming soon, folks — it’s time to get ready.  “Get a mount, get used to it, get used to getting that phone out of your hands,” WSB Radio traffic reporter Mark McKay said. Gov. Nathan Deal signed the Hands-Free Georgia Act — which prohibits motorists from...
'Save my baby:' 7-month-old dies in hot car in South Georgia
'Save my baby:' 7-month-old dies in hot car in South Georgia

A 7-month-old died after being found in a hot car Tuesday at a motel in Kingsland, police told Jacksonville.com. It is the first hot-car death in Georgia this year.  Authorities arrived at the Quality Inn on Robert Edenfield Drive after being notified that a baby wasn’t breathing. Officers found the baby dead at the scene, according to Jacksonville...
Will unsavory witnesses derail Spalding cold case murder trial?
Will unsavory witnesses derail Spalding cold case murder trial?

A lack of physical evidence may not be the biggest challenge faced by prosecutors in the trial of a Spalding County man accused in the 1983 murder of a young black man. Opening statements are set for Wednesday morning in the trial of 60-year-old Franklin Gebhardt, one of two men charged in what the state contends was a racially motivated killing. With...
WEDNESDAY’S WEATHER-TRAFFIC: Hot, mostly dry day on tap for North Georgia
WEDNESDAY’S WEATHER-TRAFFIC: Hot, mostly dry day on tap for North Georgia

Wednesday: High: 93 Wednesday night: Low: 74 Thursday: High: 90 Wednesday is going to be another scorcher across North Georgia, Channel 2 Action News meteorologist Brad Nitz said. And no, it still isn’t summer yet. “A reminder — we're still in spring,” Nitz said. “The first day of summer is Thursday ......
Shotgun-wielding carjacker arrested in Kennesaw, police say
Shotgun-wielding carjacker arrested in Kennesaw, police say

Police said they arrested a shotgun-wielding carjacker in Cobb County on Saturday night. Christopher Martin, 35, allegedly used a stolen Jaguar to knock out one Acworth neighborhood’s power before brandishing a sawed-off shotgun to steal another man’s car, Channel 2 Action News reported. Police told Channel 2 he backed the stolen car into...
More Stories