Nearly 250 apartments are headed to Blandtown, and the deal that just cleared Fulton County's economic development board comes with a tax break worth talking about.
What Develop Fulton Approved
The Develop Fulton Board signed off Tuesday on a tax incentive for Alta West Midtown, a 247-unit apartment project at 1593 Huber St. NW that the agency is calling "catalytic." The developer is Wood Partners, building through an LLC called WP South Acquisitions, and the price tag is $75 million. Right now the site is a former tire recycling facility, a leftover from the neighborhood's industrial days. The incentive is valued at $3.9 million.
Here Is The Interesting Part
A tax break for a $75 million apartment building in one of the hottest submarkets in the city is going to raise a few eyebrows, and I get it. But here is what Develop Fulton is pointing to: 38 units reserved for households at 80 percent of Area Median Income or less, about $750,000 in stormwater upgrades to tackle drainage problems that have plagued this area for years, and more than $10 million in tax revenue over the incentive period. For a little perspective, the tire facility currently brings in about $31,000 a year. Wood Partners told the board the project would not pencil out without the break, given the affordable units and the cleanup a brownfield site like this requires. Fair enough, and worth watching.
Why Blandtown, Why Now
Blandtown has quietly become one of the most interesting corners of the city to watch, and here is what makes this one fun. The whole pocket is still wrapped in industrial. You have got active railroad lines right next door, Ellsworth Industrial Boulevard, and warehouses all around, with Topgolf just to the west for good measure. Dropping 247 apartments into the middle of all that is a real test of whether Blandtown can be both, a working industrial corridor and an actual residential neighborhood at the same time. The Beltline is only speeding that up. A new segment of the 22-mile loop is under construction just a couple blocks south, and ever since that trail opened, developers have been circling. One by one, these old industrial parcels are turning into places to live.
On the affordability piece, the 38 reserved units are set at 80 percent of Area Median Income, which is a nod toward affordable housing more than a deep discount. It is worth knowing what that number actually means before calling it a win.
The tire facility was always going to go eventually. The real question was who pays for the transition and what the neighborhood gets back, and on that score this deal earns its keep. What I am really watching now is which industrial parcel is next. Blandtown is changing no matter what, and I would rather that change come with affordability rules and infrastructure dollars attached than at full price with nothing built in. Green light from me, and you can bet I will be watching when the dirt starts moving.
