Atlanta Business Chronicle, Invest Atlanta helping finance project in Midtown, on Ponce
Atlanta’s economic development agency voted Thursday to help finance two major development projects in Midtown and next to Ponce City Market in the city’s Old Fourth Ward.
The 725 Ponce project, next to Ponce City Market, will include a 350,000-square-foot mixed-use tower and a new 50,000-square-foot Kroger to replace an existing store commonly known as the “Murder Kroger.”
Invest Atlanta board members approved an inducement resolution stating the agency’s intent to issue $155 million in bonds for the project, a joint venture of New City LLC. It’s expected to generate 1,670 construction jobs and an estimated 1,900 permanent office and retail jobs.
“We desperately need this type of office space along that corridor,” Johnson said. “This type of office development will help position us in a robust area of the city.”