Construction Begins on Major New Development on Atlanta BeltLine
Wednesday, January 4, 2017
725 Ponce, the latest major development along the Atlanta BeltLine, broke ground on December 14, 2106 at a ceremony celebrating the start of construction on an “urban prototype” Kroger grocery store and a 360,000 square-foot office tower.
In October 2016, the Invest Atlanta Board of Directors approved $188 million in lease purchase bonds for the project, which will position the Ponce corridor as a robust area for future office space construction. Leases will be “triple net,” allowing the benefit of the tax incentive to be passed on to tenants leasing space at the project. The total economic impact of 725 Ponce is estimated to total more than $268 million.
Mayor Kasim Reed, Councilmember Kwanzaa Hall, New City Founder and President Jim Irwin, and Atlanta BeltLine President and CEO Paul Morris were all on hand to celebrate the project’s official launch. The gathered crowd was treated to the sights and sounds of the start of demolition on the old Kroger store.
Once complete, 725 Ponce will be offer direct access to the BeltLine, both for shoppers at the 60,000 square-foot Kroger and for those working in the first Class A office space development along the BeltLine. The mixed-use development is in a prime location directly across the street from Ponce City Market.
“This new development will bring more than 2,000 construction jobs and approximately 1,550 permanent office and retail jobs, welcoming a new, diverse population who can enjoy all what the community has to offer,” said Mayor Reed. “I’m certain 725 Ponce will create the same kind of inclusive, urban energy we see every day n the Atlanta BeltLine and at Ponce City Market.”
The project is led by New City, LLC. Jim Irwin, New City’s president and founder, who previously spearheaded the redevelopment of Ponce City Market while at Jamestown Properties. At the groundbreaking ceremony, Mayor Reed and Irwin each thanked the other for bringing the project to fruition.
“The 725 Ponce project is the largest investment in new construction on the Atlanta BeltLine to date and would not have happened without the vision of Mayor Kasim Reed,” said Irwin.Tweet