Chamblee, GA, July 25, 2016 – by Trey Benton – Chamblee City Councilmembers voted unanimously last week to approve an application filed by Wakefield Beasley and Associates to construct a large mixed-use Transit Oriented Development (TOD) called Chamblee Atlanta on the current Hickman Nissan site located at 5211 Peachtree Boulevard. The application bounced back and forth between the City Council and the Architectural Review Board before it got an eventual “thumbs up”.
For Chamblee Atlanta, Wakefield Beasley intends to demolish the existing building on the 3.86 acre site and construct the $64 million project, transforming the existing Nissan auto dealership and its surrounding property, owned by Linda Hickman, into a 5-story “wrap building”, featuring 3 “amenitized courtyards” and a structured parking deck.
The developer says Chamblee Atlanta will feature 16 floor plans including One, Two and Three Bedrooms, ranging from 630 sf to 1,515 sf, and averaging at 1055 sf. Unit designs include 2 and 3 story Lofts, Flats, Urban Lofts, Live Work and Deluxe Flats.
The Chamblee Atlanta site is located next door to The Olmsted TOD that broke ground in 2014 and is currently under construction on the other side of the same block – at the corner of Peachtree Boulevard and Chamblee-Tucker Rd.
The Olmsted is described as a mixed-use development consisting of four buildings (two 4-story buildings with basements, one 5-story building, and one 3-story townhouse building) and a parking deck.
The Olmsted project consists of 283 residential units with related commercial development and amenities on 6 acres, and approximately 40,000 sq./ft. of retail/amenity and live/work spaces.
Another TOD just across Peachtree Blvd. from The Olmsted and Chamblee Atlanta, is Parkview on Peachtree, a development on 11.2 acres that boasts 597 luxury multi-family unit and approximately 80,000 sq.ft. of ground floor retail and office space.
That site plan includes village style retail space, chef driven restaurants, fast casual restaurants and other “convenience lifestyle retailers” that will serve the surrounding neighborhoods.
For the Chamblee Atlanta TOD, the Downtown Development Authority of the City of Chamblee (CDDA) intends to give the Hickman family and Del American Real Estate Group an $11 million tax abatement to “help stave off the repercussions of the additional cost which will be incurred while producing the $64,000,000 project.”
The Chamblee Atlanta abatement marks the third in a series of multi-million dollar tax abatements awarded by the CDDA recently, although there is one notable difference – the current taxes paid to the City, County and the DeKalb County School system will continue to be collected at their current levels. (Read more about The Olmsted and Whole Foods abatements here)
The CDDA intends to abate $11 million of the taxes the new Chamblee Atlanta development and its improvements (after being reassessed at completion) will bring over a maximum period of 18-years. Should the $11 million abatement pay for itself sooner than 18-years, the abatement period would end then, respectively. The abatement deal will be implemented using a bonds-for-title transaction.
The current tax revenue paid on the site is approximately $140,000 per year – $20,000 to Chamblee, $45,000 to DeKalb County, and $74,000 to DeKalb County Schools. Those taxes will be locked in at current rates and won’t increase until the abatement period ends. In addition, the CDDA will charge an administrative fee equal to 20% of abated taxes per year, which will eventually be used to fund other CDDA specific endeavors.
The CDDA expects the Chamblee Atlanta project will:
- Add approximately $72,500,000 million total investment in Chamblee Downtown District; projected increase in property value from $7,400,000.
- Create 125 new jobs added at full build-out
- Establish a “luxury market” in Chamblee
- Produce a “Halo effect” on growth of surrounding area
- Generate a projected $233,595 annual payment to DDA
The impact study prepared by the DeKalb County Public School system says the project will add 35 school children to the public school system:
- Huntley Hills Elementary School – 15 new students
- Chamblee Middle School – 7 new students
- Chamblee High School – 10 new students
- Other DeKalb Co. Public Schools – 3 new students
The CDDA says they are finalizing a Memorandum of Understanding that includes a list of amenities they will require as a condition of the tax incentives.