DeKalb County, GA, December 15, 2015 – The Post Reports – The Atlanta Journal-Constitution is reporting that Tuesday, DeKalb County Commissioners have unanimously approved an agreement to invest in the redevelopment of the former General Motors Plant in Doraville.
According to the report, “The commission’s action obligates a portion of future property tax growth to help pay for infastructure improvements, including a tunnel to the Doraville MARTA station and a street grid on the property.”
Doraville Mayor Donna Pittman told The Post back in July, the General Motors redevelopment, named “Assembly”, will make Doraville a showcase for Transit Oriented Development and demonstrate how a community can transform itself.
In 2011, 62% of the citizens of Doraville voted in favor of the City’s Redevelopment Powers Act. That affirmative vote gave Doraville Officials the ability to utilize Tax Allocation District (TAD) powers granted under state rules to create a TAD to fund projects of their choosing.
Also in July, the Doraville City Council voted to approve and adopt the Redevelopment Plan and TAD that covers 289 acres to “create a regional mixed-use employment and activity center centered on the Doraville MARTA transit station.”
Once the redevelopment of the entire 289 acres identified in the TAD is completed – Assembly being the most significant area undergoing planning presently – projected estimates indicate the total assessed value of the TAD at build-out could reach approximately $803 million, with an estimated market value of $1.98 billion.
According to the Doraville, the redevelopment of the TAD Area over a 25 year period could include:
- 5,358 housing units (apartments, condominiums, and townhomes)
- 5.0 million SF of commercial space, of which approximately 62% would be office space.
- 307,000 SF of civic space, including a City Hall, Library, and/or school facilities.
Read more on this topic here in the AJC Report.