Atlanta Project Thread IV

[smArTaLlone]

Originally Posted by Triptychtwo

Letter of Inducement for 811 Peachtree LLC (“811 Peachtree”): Mr. Matthew Nichols of Sutherland Asbill & Brennan and Ms. Rian Smith of The Integral Group appeared in connection with the request for a letter of inducement for the issuance of $116,000,000 in taxable revenue bonds for the development of a mixed use project to be called EVIVA Peachtree. 811 Peachtree intends to develop and transform an underutilized surface parking lot into a mixed use development composed of 383 competitively priced rental units, a wrapped parking structure in a 32-story high rise building, and 22,000 square feet of ground floor retail to be located at 811 Peachtree Street NE, at the intersection of 6th Street NE and Peachtree Street NE along the Midtown Mile.

Mr. Nichols informed the Authority that the average residential unit size will be approximately 789 square feet. Ms. Smith explained that EVIVA represents one of Integral’s first market-rate projects in Atlanta, but maintains affordability for residents by featuring smaller, efficiently designed floor plans creating "affordability by design," such that monthly rents will start at $1,500.00, an amount far lower than comparably appointed buildings on the Midtown Mile, which start at $1,717.00. Ms. Smith stated that this lower price point essentially offers an approximately $200 per month discount off the average unit prices in the area, which will allow for a more diverse group of residents to live in the area. The housing units will provide a lower cost housing option for new employees that are being relocated nd/or recruited to Midtown and will satisfy a growing need for this modern workforce. Upon questions from the Authority, Ms. Smith confirmed that parking spaces are allocated to each unit and that the traffic analysis has been completed by the City of Atlanta. Upon a motion made by Dr. Maupin, which was seconded by Ms. Page, the Authority unanimously approved, with the exception of Dr. Bell, the letter of inducement for 811 Peachtree.

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