ATLANTA (AP) — A New York actual property funding agency has pulled out of redeveloping Atlanta’s shuttered civic heart, elevating questions in regards to the plans.
The Atlanta Journal-Constitution reports 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 advised the housing authority that Tishman Speyer “decided that the mission just isn’t proper for us presently,” stated 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 element, which may also advance Mayor Andre Dickens’ objective of making 20,000 models of inexpensive housing within the metropolis of Atlanta,” Jones stated in an announcement.
Tishman Speyer final yr withdrew from an identical mixed-use plan to remake The Mall West Finish in Atlanta. The corporate has constructed a Buckhead workplace tower and is planning a big mission in Atlanta’s west midtown neighborhood.
H.J. Russell continues to be concerned, however Jones stated the housing authority is reviewing its necessities for choosing a redevelopment group.
Town closed the civic heart in 2014. A earlier personal 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 house that preserves the positioning’s plaza and performing arts heart in addition to 1,300 housing models.
