Mixed-Use Project Gains Financing From Development Authority

ATLANTA, GA -- The Development Authority of Fulton County recently closed a $144 million taxable bond financing transaction for the new Buckhead Modera project, which includes the development of a 399-residential units as well as 20,000 square feet of retail space and a parking deck.

Located at 3005 Peachtree Road in Buckhead, the development will also remove the unsightly overhead power lines along Peachtree and Pharr roads, at an additional cost to the project estimated at $2.2 million.

The project also calls for substantial improvements to public infrastructure serving the site as well as significant streetscape enhancements.

Buckhead Modera is expected to create 500 construction jobs, 100 permanent retail positions and an additional 10 permanent management jobs with respect to the apartments, the development authority said.

Originally appraised at a fair market value of $3.7 million, the completed project will increase the property value to an estimated $144 million, generating a significant increase in property taxes for Fulton County.

“This project will help revitalize an under-performing property at a key intersection in Buckhead,” said Development Authority Chairman Robert Shaw. “In addition to creating new residential opportunities in a growing jobs center, it will add new shops and stores in the area’s expanding retail district.”

Created in 1973 by Georgia law and a resolution of the Fulton County Board of Commissioners as a special unit of the county government, DAFC provides wide-ranging economic development services on behalf of Fulton County and its local governments.

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