Develop Fulton backs $75 million mixed-income housing project in Northwest Atlanta

Develop Fulton approved a tax incentive for a 247-unit mixed-income redevelopment at 1593 Huber Street NW, turning a former tire recycling site into housing, green space and infrastructure upgrades. The project is expected to add affordable units, create jobs and generate more than $10 million in tax revenue during the incentive period.

Why it matters: - The project converts an underused industrial site in Northwest Atlanta into housing in one of metro Atlanta’s highest-demand markets. - The development adds 38 affordable units for households earning 80% or less of area median income. - Develop Fulton expects the project to strengthen the local tax base while also improving stormwater drainage and neighborhood connectivity.

What happened: - The Develop Fulton Board of Directors approved a Letter of Inducement for WP South Acquisitions, L.L.C. at its June 23 meeting. - The approval supports a proposed $75 million mixed-income multifamily project at 1593 Huber Street NW in Atlanta. - The planned community includes 247 residential units. - The site is a former tire recycling facility.

The details: - The project will include modern housing, green space, resident amenities, parking and infrastructure improvements. - The development includes approximately $750,000 in stormwater infrastructure improvements. - Those drainage upgrades are designed to address longstanding issues for the project site and neighboring properties. - The community will feature active and passive green spaces. - The design aims to improve walkability and connectivity. - Construction is expected to create about 200 temporary jobs. - The project is also expected to support 20 new full-time contract and service positions. - Another 25 part-time jobs are projected. - The property currently generates about $31,174 a year in tax revenue. - During the incentive period, the project is projected to generate more than $10.15 million in tax revenue for participating taxing jurisdictions.

Between the lines: - The incentive gives the development a public-sector boost at a time when affordable and attainable housing remains scarce in metro Atlanta. - Develop Fulton framed the approval as part of a broader strategy to turn underutilized property into community assets. - The Letter of Inducement was a significant factor in the applicant’s decision to move forward with acquisition and redevelopment of the site.

What's next: - WP South Acquisitions will move ahead with acquisition and redevelopment planning for the property. - The project still needs to advance from inducement toward final development and construction steps. - The tax incentive period will determine when the projected revenue gains are realized.

The bottom line: - Develop Fulton is using a tax incentive to help unlock a large mixed-income housing project that could add affordable homes, jobs and major tax revenue while remaking a former industrial site.