#United States #Atlanta #Atlanta Beltline #Local Developers #Commercial Spaces

Atlanta Beltline Unveils Local Developer Incentive Fund

In a significant move aimed at fostering local entrepreneurship, the Atlanta Beltline, Inc. has officially launched the Local Developer Incentive Fund. This innovative pilot program provides direct financial assistance to small developers focused on commercial projects along the Beltline, officially opening its application portal with an initial pool of $2 million.

Supporting Small Businesses

As cities grapple with the challenges of rising rents and the growing threat of displacement for locally owned businesses, this fund is designed to combat these issues head-on. The grant amounts range between $150,000 and $500,000, targeting developers who commit a portion of their commercial space to below-market rents for a minimum of ten years. The intention is to create lasting opportunities for small businesses and enhance community resilience.

Clyde Higgs, President and CEO of Atlanta Beltline, articulated the importance of the initiative, stating, "Launching the Local Developer Incentive Fund marks a pivotal moment in the Beltline's evolution. We aim to prove that progressive development can exist hand-in-hand with community preservation."

A Boost for the Local Economy

The Local Developer Incentive Fund primarily supports both new constructions and existing developments that are seeking to attract tenants. This initiative is part of a larger strategy to preserve historic neighborhoods, many of which predominantly serve communities of color. The fund will not only help subsidize rent but also help mitigate the financial hurdles that many entrepreneurs encounter in their pursuit of secure operating locations.

Kelvin Collins, Vice President of Economic Development at Atlanta Beltline, emphasized the critical role small businesses play, saying, "Our local shops and restaurants are the heart of our neighborhoods, but rising rents often jeopardize their viability. This fund is an innovative model sharing the responsibility of supporting small business success with our development community."

Unique Developer Incentives

Administered by the Center by Lendistry, the Local Developer Incentive Fund includes various benefits aimed at reducing associated risks and enhancing project feasibility. Developers can expect to receive:

• - Funding that can bridge crucial project financing gaps and attract further investments.
• - Continuous operational support from the Atlanta Beltline Business Solutions Office.
• - Resources such as market intelligence and compliance studies to aid in adherence to affordability commitments.

Natalie Jones, Project Manager of the Business Solutions Office at Atlanta Beltline, remarked, "Our goal goes beyond simply connecting entrepreneurs with affordable commercial spaces. We are also creating an entire support ecosystem to ensure newfound opportunities lead to successful business endeavors that anchor our communities."

Addressing the Challenges of Growth

Metro Atlanta has seen skyrocketing commercial lease rates, with the Beltline itself often surpassing even the most expensive areas like Buckhead. This alarming trend means that property ownership is increasingly unattainable for minority and locally owned businesses. Furthermore, the disconnect between what small businesses can afford and current market demands threatens to push many of these businesses out of the community.

Creating affordable spaces is crucial not only for the protection of legacy businesses that have historically contributed to the local character but also for new entrepreneurs looking to establish themselves. The Commercial Affordability Strategies undergirded by Beltline's strategic land acquisition aims to inherently drive down costs for small business owners.

The Atlanta Beltline is also exploring initiatives like the Beltline Commercial Affordability Consortium (BCAC), which aims to unify stakeholders and strategize on long-term solutions for commercial affordability.

Preparing for Major Events

As Atlanta gears up for notable international events such as the FIFA World Cup 26™ and the Super Bowl LXII, this program is timely. It is strategically positioned to provide small businesses with the affordable, stable locations necessary for flourishing amid increased visitor activity and economic demands during these large-scale occasions.

Applying for Funding

Developers interested in benefiting from the Local Developer Incentive Fund are encouraged to apply by the October 24th deadline. To qualify, projects must be located within the Beltline corridor and demonstrate a commitment to leasing a part of their space at reduced rates. Eligible tenants should meet specific income and employment thresholds, ensuring that the support directly aids small businesses.

This landmark initiative underscores Atlanta Beltline's commitment to shaping a more just and inclusive urban landscape, where diverse businesses can thrive against the challenges of economic growth.

For more information about the program and the application process, developers should visit the Atlanta Beltline official website.