ATLANTA (AP) — A New York actual property funding agency has pulled out of redeveloping Atlanta’s shuttered civic heart, elevating questions concerning the plans.
The Atlanta Journal-Structure stories Tishman Speyer withdrew this week. The Atlanta Housing Authority had late final month contracted with Tishman Speyer and Atlanta-based H.J. Russell & Co. to construct a mixture of inexpensive and market-rate housing on the 19-acre (8-hectare) property.
The corporate instructed the housing authority that Tishman Speyer “decided that the venture will not be proper for us at the moment,” mentioned Atlanta Housing Authority President and CEO Eugene Jones.
“Regardless of Tishman Speyer’s sudden withdrawal, Atlanta Housing stays dedicated to its mission and can make sure the Civic Middle web site is developed with a powerful inexpensive housing part, which will even advance Mayor Andre Dickens’ objective of making 20,000 items of inexpensive housing within the metropolis of Atlanta,” Jones mentioned in an announcement.
Tishman Speyer final yr withdrew from the same mixed-use plan to remake The Mall West Finish in Atlanta. The corporate has constructed a Buckhead workplace tower and is planning a big venture in Atlanta’s west midtown neighborhood.
H.J. Russell continues to be concerned, however Jones mentioned the housing authority is reviewing its necessities for choosing a redevelopment workforce.
Town closed the civic heart in 2014. A earlier non-public developer withdrew in 2016. The housing authority purchased the positioning for $31 million in 2017.
The most recent proposal would remodel the civic heart into a big retail area that preserves the positioning’s plaza and performing arts heart in addition to 1,300 housing items.
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