Newspaper Page Text
■^The tallest
of three
towers rising
concurrently
at 1105 West
Peachtree
topped out
in January,
according
to Selig
Development,
the firm behind
the $530
million mixed-
use project in
Midtown. The
64-unit luxury condominium building, 40 West 12th, topped out in October following
the Epicurean Atlanta hotel in August. The Class A office tower is slated for a Fall 2021
completion. Located on the corner of
West Peachtree and 12th Street, the
31-story office building encompasses
675,000 square feet and a 410-foot
geometric steel exoskeleton that will be
aglow in multicolor LED lights at night.
The office tower has inked multi-floor,
long-term lease deals with law firm
Smith, Gambrell & Russell and Google.
For more information, visit seligenterprises.com.
BUSINESS
BRIEFS
Dine-in movie theater IPIC has opened at Colony Square offering a mixture of new and
“flashback” films. Some of the movies coming up in February include “The Breakfast
Club,” “The Phantom of the Opera,” “Teenage Mutant Ninja Turtles,” and “Remember
the Titans.” For showtimes, tickets, and pandemic safety protocols, visit ipic.com.
Jackson Spalding has been named by Forbes as one of America’s best PR agencies. Forbes
partnered with market research firm Statista to create its inaugural ranking of top PR
firms, surveying more than 12,700 experts and 20,500 customers. “To be recognized
as one of America’s best PR agencies makes us incredibly proud, but also humbled and
energized to continue serving our clients with the first-class services they expect as our
dynamic industry continues to evolve,” said Jackson Spalding co-founder Glen Jackson.
One Medical, the membership-based primary care organization, has opened a third
Atlanta location on the first floor of the Terminus building, 3280 Peachtree Road, Suite
115 in Buckhead. Consumer memberships are $ 199 per year and provide virtual care
services through the provider’s mobile app, which features on-demand video visits, secure
provider messaging, “Treat Me Now” digital assessments for common health concerns,
medical record access, prescription renewals and proactive reminders for follow-up care.
For more information, visit onemedical.com.
► The Print Shop by
FreeMarket is now
open on the second
floor of Ponce City
Market’s Central
Food Hall. From the
team behind Atlanta’s
FreeMarket Gallery,
the 400-square-
foot shop will offer
shoppers limited
edition, exclusively
licensed art prints
from contemporary-
style artists,
including Diego Penuela, Jonny Warren, Phil FFarris, Aesek, Sanithna and more. For more
information, visit theprintshopatl.com.
i
FreeMarket Gallery's Founder Parsa Behnamiri, left,
and Creative Director Jake Llaurado.
Resource Branding, the Atlanta brand development and graphic design studio, has been
named the 2020 Associate Firm of Year by the Georgia chapter of the National Association
of Industrial and Office Properties (NAIOP). The annual award honors the firm that
has most significantly elevated the commercial real estate industry in Georgia. To earn
the recognition, Resource Branding worked alongside NAIOP Georgia to launch two
new philanthropic initiatives in 2020, tied together by the unifying theme of “Forward
Together.”
Starbucks plans to invest $100 million to create the Starbucks Community Resilience
Fund — a new initiative that supports small business growth and community development
projects in BIPOC communities across the U.S., including Atlanta, HD
New Underground Atlanta
owner buys One Park Tower
By Collin Kelley
The new owner of Underground Atlanta has acquired
nearby One Park Tower, the 300,000-square-foot office building
located at 34 Peachtree Street in Downtown.
Shaneel Lalani purchased the building for $12.75 million
without any outside financing, according to a press release.
Lalani said he will continue to explore other “value-add
opportunities in the Atlanta area” and the latest acquisition
shows his commitment to investing in South Downtown.
Located just two blocks from Underground, One Park
Tower is currently 33% occupied, and Lalani said he will
hire an in-house broker to oversee leasing at the property.
Lalani purchased Underground for an undisclosed amount in
November.
Similar to Underground Atlanta, Lalani said he will take
a local, hands-on approach to ownership and has already met
with some of the building’s tenants, including FFOPE Atlanta,
a nonprofit focused on fighting homelessness, and Atlanta
Downtown Improvement District, the public-private partnership and nonprofit with works to
better with the city core with Central Atlanta Progress.
“We are excited to expand our footprint and investment in Downtown,” said Lalani. “We
are in the exploratory phase now, with the ultimate goal of maximizing the potential of One
Park Tower and building on the energy we will soon create at Underground Atlanta. We are out
here multiple times a week, walking the streets, talking to people and meeting with businesses
to learn more about what they want to see happen in Downtown. We are passionate about
making this corridor a vibrant, walkable place to be.”
Lalani is the CEO of Billionaires Funding Group, an Atlanta-based company with a real
estate portfolio that spans over two million square feet of commercial space. Fie has completed
more than 100 real estate transactions that are valued at approximately $250 million, according
to the press release HD
Tax increase floated
for businesses to fund
completion of BeltLine
By Collin Kelley
A small tax increase for businesses and apartment complexes along the Atlanta BeltLine
corridor has been proposed to help fund the completion of the entire 22-mile loop.
Legislation to create a Special Service District (SSD) within the Atlanta BeltLine
Planning Area was introduced at the Atlanta City Council meeting on Jan. 19.
Without additional funding, BeltLine officials contend the trail corridor would not
be completed before the Tax Allocation District (TAD) expires in 2030. The TAD will
generate at least $1 billion less than originally projected. The estimated cost to design and
construct the remaining trail corridor is $350 million.
The finished BeltLine is expected to yield a $10 billion economic impact and 50,000
permanent jobs for the city.
“This additional funding moves us one step closer to our vision for creating One
Atlanta,” said Atlanta Mayor Keisha Lance Bottoms in a press release. “I am encouraged
by this latest commitment to move our plans for affordable housing and community
revitalization forward.”
An SSD is a geographic district created through legislation that levies additional
property taxes to provide local government services. In the case of the BeltLine,
commercial and multi-family property owners within the Atlanta BeltLine Planning Area
(which includes the half-mile on either side of the corridor) would see an estimated 2-mill
increase or two-tenths of a penny per dollar in the assessed value of each property. Funds
go towards trail acquisition, design, and construction.
Residents living in single-family homes would not be subject to the increase. Almost
half of the commercial and multi-family parcels contained within the proposed SSD
would pay less than an additional $250 annually, or about $20 a month.
Additionally, new dedicated funding for trail completion through the SSD —
combined with philanthropic support and the growth in TAD revenue — would
generate an additional $50 million in funding to create deeper and longer-term housing
affordability around the BeltLine and $7 million in small business support. [ID
AtlantalntownPaper.com
February 20211INT0WN 17