ATLANTA – Mayor Kasim Reed today joined Post Properties President and CEO Dave Stockert, Invest Atlanta President and CEO Dr. Eloisa Klementich, CEcD and Atlanta City Councilmember Cleta Winslow to celebrate the groundbreaking of Post Centennial Park, Atlanta’s first downtown apartment property built in the past 20 years for young professionals and families.
“The new Post Centennial Park project is the latest sign of downtown Atlanta’s resurgence, and as the largest investment Post has ever made in Atlanta, it’s a vote of confidence in the future of this neighborhood,” said Mayor Reed. “I am also excited to have worked with Post in securing ten percent of units for workforce housing. Downtown Atlanta is for everyone, and projects like Post Centennial Park help make this vision a reality.”
Located just a quarter of mile from the Atlanta Streetcar and across the street from the Center for Civil and Human Rights and the World of Coca-Cola, Post Centennial Park will have 438 units available to residents, with ten percent allocated for workforce housing.
“We are excited to be partnering with the City and Invest Atlanta to bring high quality housing to downtown,” said Dave Stockert, CEO of Post Properties. “We take pride in helping to make neighborhoods better places to be, and believe this project will add momentum to the downtown renaissance.”
Post Properties will invest $96 million for the total cost of the project, including a $4.35 million grant provided by Invest Atlanta through the Westside Tax Allocation District, as well as a $95 million lease purchase bond.
“New residential properties like Post Centennial Park will be key to the continued goal of making downtown a thriving area for residents to live, work and play,” said Dr. Klementich. “It’s important that we build a balance of great businesses and residential properties that can support each other and create new opportunities for the area.”
The new Post Centennial Park property is scheduled to be completed by midyear 2018 and is expected to spur new investments around Centennial Olympic Park.
Post Properties, founded more than 40 years ago, is a leading developer and operator of upscale multifamily communities. Operating as a real estate investment trust (“REIT”), the Company focuses on developing and managing Post® branded high density urban and resort-style garden apartments. Post Properties is headquartered in Atlanta, Georgia, and has operations in ten markets across the country.
Post Properties has interests in 24,162 apartment units in 61 communities, including 1,471 apartment units in four communities held in unconsolidated entities and 2,630 apartment units in seven communities currently under development or in lease-up.
About Invest Atlanta
Invest Atlanta is Atlanta’s official authority for economic and community development. In the state of Georgia, Invest Atlanta is the first economic development agency and one of only three in the southeast to be designated as an Accredited Economic Development Organization by the International Economic Development Council, one of the highest honors in the industry. Its purpose is to strengthen Atlanta’s economy and global competitiveness in order to create increased opportunity and prosperity for the people of Atlanta.
Chaired by the Mayor of Atlanta, and governed by a nine-member board of directors, Invest Atlanta’s programs and initiatives focus on developing and fostering public/private partnerships to create jobs, grow the economy, revitalize neighborhoods, attract investment, spur innovation and encourage entrepreneurship. To achieve these goals, Invest Atlanta leverages the benefits of bond financing, revolving loan funds, housing financing, tax increment financing and tax credits.