Atlanta’s economic development agency voted Thursday to issue up to $188 million in bonds to finance a redevelopment project anchored by a replacement for the “Murder Kroger” on Ponce de Leon.
The project, officially named 725 Ponce, will include a 360,000-square-foot 12-story office tower over a 60,000-square-foot Kroger. The office tower, grocery store and 10,000 square feet of retail space will be built on top of a three-story underground parking deck, filling a need for additional public parking near the Atlanta Beltline, Ponce City Market and Old Fourth Ward Park.
The project marks the first Class A development along the Beltline, said Paul Morris, president and CEO of Atlanta BeltLine Inc. He said it should answer naysayers who have doubted Atlanta’s ability to expand significant economic development outside of the Peachtree Street corridor.
“It’s a game changer in the business community,” Morris said. “We feel very confident this will set the tone for other projects.”
The project will create an estimated 2,026 construction jobs and 1,550 permanent office and retail jobs.
The work is being undertaken by a joint venture involving Atlanta development firm New City LLC and institutional investors advised by J.P. Morgan Investment Management Inc.