- Briefing Room
|Project Sponsor / Borrower||
Georgia Department of Transportation
|Value Capture Techniques||
Tax Increment Financing
The Atlantic Station 17th Street Bridge is a critical component of a major redevelopment known as Atlantic Station, located on a former brownfield site in the northwest part of downtown Atlanta. The bridge links the redevelopment site with Midtown Atlanta, crossing the I-75/I-85 Connector, which bisects that portion of the city. The bridge provides connections between Northside Drive and Peachtree Street, as well as direct pedestrian access to the Metropolitan Atlanta Rapid Transit Authority (MARTA) Arts Center rail station. The bridge includes:
Expected increases in local tax proceeds due to the redevelopment of the brownfield site - the former Atlantic Steel Mil - prompted the city to create the Atlantic Steel Brownfield Redevelopment Plan and Tax Allocation District (ASBTAD) in 1999. The use of tax increment financing allowed ASBTAD to issue bonds to pay for a portion of the infrastructure and environmental remediation efforts. The private development group, Atlantic Station Development Group or Atlantis 16th, L.L.C., composed of Jacoby Development, Inc. and AIG Global Real Estate Investment Corporation, contributed about a quarter of the cost of the bridge.
Federal, State, and Local Funding, including ASBTAD revenue-backed bond proceeds - $60.8 million
Atlantic Station Development Group Private Funding - $15.2 million
|Project Delivery / Contract Method||
|Project Advisors / Consultants||
C.W. Matthews Contracting Co., Inc. and APAC - General Contractors
URS Group and MACTEC Engineering and Consulting - Design Engineers
Bilson and Associates - Landscape Architect
Morris, Manning and Martin - Legal Advisor
|Duration / Status||
The bridge was constructed between 2002 and 2004.
The Atlantic Station development opened in 2005.
Closed. The ASBTAD is expected to expire at the end of 2024. The city projects an estimated total bonding capacity for Atlantic Station development of $252 million from additional property and sales tax proceeds collected from local tenants.
|Related Links / Articles|
Bill DuVall. P.E.