Fulton Approves $538 Million Bond for Project Nexus to Boost Community Development
In a unanimous decision, the Board of Directors of Develop Fulton approved a groundbreaking financial inducement of $538,304,353 aimed at launching Project Nexus, an innovative mixed-use economic development initiative. This project is set to breathe new life into an area south of I-20 in Fulton County, which has historically faced economic challenges and has been underserved in terms of vital community resources.
Transformative Vision
Project Nexus aims to transform a currently distressed property into a dynamic hub that integrates affordable housing, essential services, and community amenities. Situated between Atlanta and East Point, this initiative will not only provide residences but also retail spaces that contribute to a sustainable and well-connected community.
“This development marks more than just an economic investment; it's a declaration of the potential within the southern region of Fulton County,” stated Kwanza Hall, Chairman of Develop Fulton. “With Project Nexus, we are setting the stage for significant economic revitalization and quality of life enhancement in the local community.”
Economic Impact and Job Creation
The anticipated economic benefits of Project Nexus are remarkable. It is expected to generate over $60.5 million in tax revenue over the next decade, a substantial leap from the current figures. Once completed, this mixed-use development is projected to create approximately 1,300 permanent jobs and around 2,800 temporary positions during the construction phase. Furthermore, 50 current jobs will be retained, emphasizing the project’s commitment to economic sustainability and community enhancement.
Affordable Housing Goals
A crucial aspect of Project Nexus is its dedication to affordable housing. The planned development will offer 1,126 residential units that include a range of affordable to market-rate options, ensuring that various income levels can find suitable housing. This initiative aligns not only with the city’s Inclusionary Zoning requirements but also reflects broader efforts to promote equity and access in housing options for the local population. Sarah-Elizabeth Langford, Executive Director of Develop Fulton, emphasized that this project represents a significant step towards addressing the pressing need for affordable housing in Fulton County.
Enhancing Connectivity
Central to the development plan is the integration with MARTA's proposed bus rapid transit system, which is designed to enhance mobility and accessibility. The planned upgrades to streetscapes, the incorporation of structured parking, and the establishment of expansive public green spaces will create a walkable environment, benefiting residents and visitors alike.
Next Steps for Project Nexus
While the project has garnered overwhelming support, its successful implementation will require further stakeholder engagement and negotiation. Details regarding the project's applicant and exact site will be disclosed once the project transitions into the next phase.
In conclusion, Project Nexus is more than a mere development; it stands as a significant promise to the community of Fulton County. It is about fostering a new era of opportunity, sustainability, and communal growth. This exciting initiative stands as a model for collaborative development aimed at driving meaningful change in historically underserved areas.
About Develop Fulton
Develop Fulton offers strategic economic development financing services that connect viable projects with both taxable and tax-exempt bond financing. Their mission revolves around increasing the tax base, spurring thoughtful investment, retaining local businesses, generating job opportunities, and ultimately enhancing the quality of life for residents across Fulton County. For more information, visit their website or contact Erik Burton directly at [email protected].
Transformative Vision
Project Nexus aims to transform a currently distressed property into a dynamic hub that integrates affordable housing, essential services, and community amenities. Situated between Atlanta and East Point, this initiative will not only provide residences but also retail spaces that contribute to a sustainable and well-connected community.
“This development marks more than just an economic investment; it's a declaration of the potential within the southern region of Fulton County,” stated Kwanza Hall, Chairman of Develop Fulton. “With Project Nexus, we are setting the stage for significant economic revitalization and quality of life enhancement in the local community.”
Economic Impact and Job Creation
The anticipated economic benefits of Project Nexus are remarkable. It is expected to generate over $60.5 million in tax revenue over the next decade, a substantial leap from the current figures. Once completed, this mixed-use development is projected to create approximately 1,300 permanent jobs and around 2,800 temporary positions during the construction phase. Furthermore, 50 current jobs will be retained, emphasizing the project’s commitment to economic sustainability and community enhancement.
Affordable Housing Goals
A crucial aspect of Project Nexus is its dedication to affordable housing. The planned development will offer 1,126 residential units that include a range of affordable to market-rate options, ensuring that various income levels can find suitable housing. This initiative aligns not only with the city’s Inclusionary Zoning requirements but also reflects broader efforts to promote equity and access in housing options for the local population. Sarah-Elizabeth Langford, Executive Director of Develop Fulton, emphasized that this project represents a significant step towards addressing the pressing need for affordable housing in Fulton County.
Enhancing Connectivity
Central to the development plan is the integration with MARTA's proposed bus rapid transit system, which is designed to enhance mobility and accessibility. The planned upgrades to streetscapes, the incorporation of structured parking, and the establishment of expansive public green spaces will create a walkable environment, benefiting residents and visitors alike.
Next Steps for Project Nexus
While the project has garnered overwhelming support, its successful implementation will require further stakeholder engagement and negotiation. Details regarding the project's applicant and exact site will be disclosed once the project transitions into the next phase.
In conclusion, Project Nexus is more than a mere development; it stands as a significant promise to the community of Fulton County. It is about fostering a new era of opportunity, sustainability, and communal growth. This exciting initiative stands as a model for collaborative development aimed at driving meaningful change in historically underserved areas.
About Develop Fulton
Develop Fulton offers strategic economic development financing services that connect viable projects with both taxable and tax-exempt bond financing. Their mission revolves around increasing the tax base, spurring thoughtful investment, retaining local businesses, generating job opportunities, and ultimately enhancing the quality of life for residents across Fulton County. For more information, visit their website or contact Erik Burton directly at [email protected].
Topics General Business）
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