Fulton Plays A Role In Avalon Expansion

ALPHARETTA, GA -- The Development Authority of Fulton County has played a role in three major economic development projects throughout the area.

The authority has recently underwritten more than $125 million in economic development projects for north, south and central parts of the county.

These initiatives include $65 million for the expansion of Alpharetta’s Avalon project, $38 million for industry-related housing in Fairburn and a $22.7 million mixed-use project within the city of Atlanta.

Among the region’s most innovative projects in recent years is Alpharetta’s transformational Avalon complex. Developers have now launched a new Avalon phase thanks to a newly closed DAFC $65 million taxable bond transaction for HICO Avalon, LLC.

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The finance package will fund 8000 Avalon, a mixed-use project comprised of approximately 224,000 square feet of office space and more than 35,000 square feet of retail space in a 9 story Class AA office building.

Besides the office and retail components, the project includes approximately 947 parking spaces in a 4 ½ level structured parking deck, all located on 4.75 acres within the Village of Avalon.

8000 Avalon will become the first high rise office building in the Alpharetta/North Fulton sub-market. HICO Avalon’s goal is to create a Class AA building in a walkable live, work and play setting that delivers tenant amenities previously available only in an urban setting.

Fulton County’s southside is also a burgeoning business center that needs new housing to support a growing jobs market. So, authority recently closed $38 million in taxable bond financing for 1111 Oakley, a residential project in the city of Fairburn.

Located near the intersection of Oakley Industrial Boulevard and Senoia Road, 1111 Oakley is just a quarter-mile from Interstate 85, and is among the first Class A multifamily development in Fairburn. It will generate 308 one- and two-bedroom floor plans.

1111 Oakley features finishes and amenities on par with the in-town rental housing market, and will supply housing opportunities for employees of the new Google and Smuckers Foods facilities as well as employees from nearby US Foods, Toto, Clorox, Electrolux, S.C. Johnson, Pittsburgh Paint & Glass and Aaron Rents.

1111 Oakley also offers convenient Class A housing near Hartsfield-Jackson Atlanta International Airport. This initiative will enhance annual real estate tax collections from $9,000 to approximately $600,000 once this $38 million investment comes on line.

Last, but certainly not least, DAFC recently closed $22.7 million in taxable bonds to develop a mixed-use project to be called The George. Slated for 275 Memorial Drive in north Grant Park, The George features 130 apartment units and approximately 11,500 square feet of retail.

Planned retail projects include a 4,500-square foot-high-end bottle shop serving wine, spirits, and craft beer plus a 4,100-square-foot restaurant. The George features small units (average size of 620 sf) with very efficient floor plans and unique design features, like sliding “barn” doors.

The project also contributes to development of a linear park linking neighborhoods from Oakland Cemetery to the state Capitol.

The George is ideal for Georgia State University students and Millennials attracted to in-town neighborhoods and proximity to downtown. The annual real estate taxes will rise from $25,000 to approximately $300,000 per year with this $22.7 million investment.

“These are major economic development initiatives that benefit all areas of Fulton County,” said Robert J. Shaw, chairman of the Development Authority of Fulton County. “Not only do they provide jobs for local residents, they contribute to the revitalization of our local communities in very positive ways.”

The Development Authority of Fulton County’s primary mission is to stimulate quality economic development in Fulton County using comprehensive marketing programs designed to expand and diversify the tax base, provide quality jobs, retain existing businesses and sustain quality of life for residents throughout Fulton County.

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