Georgia Tech seeks city dollars to move forward with $500 million mixed-use project
Tuesday, September 15, 2015
Posted by: Angela King
Georgia Tech is seeking $100,000 from Atlanta to conduct a feasibility study for a project that would transform the 11-acre Technology Enterprise Park into a $500 million mixed-use industry focused hub.
The development, first reported by Atlanta Business Chronicle on May 29, will initially encompass about 60 acres and include a cluster of Georgia Tech research buildings on North Avenue and surrounding property owned by others, including the Atlanta Housing Authority.
A more ambitious version sees the innovation district extending south beyond the Georgia World Congress Center and including the area immediately surrounding the new Atlanta Falcons stadium, according to sources.
Georgia Tech was awarded a $460,707 federal grant to examine the feasibility of expanding Technology Enterprise Park, which provides 173,000 square feet of multi-tenant laboratory space in two buildings. Georgia Tech now needs the $100,000 match from Invest Atlanta to move forward with the project.
Invest Atlanta, the city's economic development arm, will vote on the grant request on Thursday at its monthly board meeting.
The study will help determine, among other things, project costs, types of mixed-use activities and how the development might be integrated into the surrounding area. The University Financing Foundation (TUFF), Invest Atlanta, and the Atlanta Housing Authority served as partners to Georgia Tech in the grant proposal.
The project’s backers point to the success of Technology Square — an eight-block, mixed-used redevelopment on Fifth and Spring streets that transformed a seedy Midtown strip into a hive of tech incubators, innovation centers, startups and venture capital firms that is a national model for innovation district development. That commercial activity has set off a spurt of apartment and retail development in the area.
Kevin Byrne, president of TUFF, which owns one of the Technology Enterprise Park buildings, views the biosciences district as a live-work-play environment that would revitalize the Westside by luring investment and jobs from health services, life sciences, medical device and pharma companies.
Rather than a stand-alone office park, it would be a network of Georgia Tech research labs, corporate R&D and innovation centers, retail and residential projects, Byrne said earlier. The project will have a 15- to 20-year development cycle.
The proposed health and biosciences innovation district would host university spinoffs from Emory University, Georgia Tech, Georgia State University, Clark Atlanta, and Morehouse School of Medicine, and provide land for Technology Enterprise Park tenants (CardioMems, Kemira, and CryoLife) to expand without leaving the area. The district would also attract research and innovation enterprises, such as the Global Center for Medical Innovation and the Georgia Tech Research Institute.
Source: Atlanta Business Chronicle. http://www.bizjournals.com/atlanta/blog/atlantech/2015/09/georgia-tech-moves-forward-with-500.html?ana=e_du_pap&s=article_du&ed=2015-09-15&u=q1+EnOO0bIrUsLJdAILw9sm0LCi&t=1442344551