The Develop Fulton Board of Directors unanimously approved a $538 million bond inducement for Project Nexus, a mixed-use economic development initiative. This project aims to transform a distressed property into a hub of economic and community development. Situated in Atlanta and East Point, the project would include affordable housing, essential services, and a host of amenities.

The mixed-use project, combining residential and retail elements, would generate more than $60.5 million in revenue over 10 years—30 times its current contribution. With an anticipated $4 billion overall economic impact, Project Nexus would create approximately 1,300 new permanent jobs and 2,800 temporary construction jobs while retaining 50 existing positions.

The development plan will create 1,126 residences, offering a mix of affordable and market-rate housing options to accommodate a range of income levels. 

A co-warehousing provider will open in Atlanta later this month, within the the South Fulton neighborhood.

SHIFT South Fulton will offer more than 100,000 square feet in total, with various warehousing options for businesses of all sizes.

SHIFT South Fulton, at 575 Wharton Drive Southwest, has 67 rentable warehouse units that range from 300 to 5,000 square feet and can be used for storage or workspaces. It also has 13 office spaces. Membership amenities include access to meeting rooms, loading docks, security services, 24/7 entry, along with mail and package handling.

Commercial Edge reports Pattillo Industrial Real Estate owns the industrial building. The property came online in 1978 and underwent a full renovation in 2013. Pattillo acquired it in 2018 for $4.2 million.

SHIFT South Fulton is within 10 miles of downtown Atlanta. Major nearby thoroughfares include U.S. routes 70 and 78, as well as interstates 20 and 285. Hartsfield-Jackson Atlanta International Airport is less than 20 miles southeast.

Development firm KMT Partners wants to build an industrial park on a plot of land between Old Senoia and Fayetteville roads in South Fulton. The project would include 1.9 million square feet of warehouse space and as many as 950 parking spaces across 191 acres.

KMT Partners expects to complete construction on its proposed South Fulton industrial park in January 2029. Mapco Farms currently owns the land.

Through its strategic relationships with both private and institutional debt and equity, KMT says it focuses on speculative and build-to-suit development, value-add or core acquisition projects, as well as third-party asset and development management opportunities. Headquartered in Atlanta, KMT searches for unique investment opportunities throughout the East Coast. The company is founded by Greg Boler, who has focused on the Industrial & Logistics Sector and has nearly 15 years of commercial real estate experience.

The Development Authority of Fulton County voted to approve $75 million in tax savings over a 10-year period for a Microsoft data center in Union City. The project on vacant land at 4810 Stonewall Tell Road is estimated to be valued at $1.8 billion and will be built by data center developer EdgeConnex. The motion included that all three phases of the project to build the data center campus, which will include three buildings, have to be completed no later than 2032. Each building will be about 612,000 square feet. Union City is southwest of Atlanta.

The data center campus will require about 400 to 600 construction jobs during development.

The tax incentives could help the developer offset the site development costs, which are estimated at around $43.5 million. Microsoft purchased 136 acres in Fulton County in April 2024 for $53.5 million.

The data center, once up and running, will employ at least 50 permanent trades and technology personnel.

An affiliate of the Chicago-based Range Group is planning a five-story apartment building north of Chicago’s Fulton Market District.

The company has filed a zoning application with the city to build a 72-unit luxury apartment complex at 455 N. Carpenter Street. The project would replace a vacant two-story industrial property on the site, reported Crain’s.

Located at 455 N. Carpenter Street, the apartment complex would include a mix of studios and one- and two-bedroom units. In accordance with Chicago’s Affordable Requirements Ordinance, some of the units will be dedicated to affordable housing. The plans also include 3,600 square feet of ground-floor commercial space and 32 parking spots.

Range Group’s development portfolio also includes a five-story, 40-unit apartment building at 3140 N. Clybourn Ave. in Roscoe Village that’s set to be delivered in 2024, according to the real estate firm’s website.

Join the leaders and dealmakers when they explore the most important topics and trends at Connect Midwest: Multifamily, Affordable, Student & Student Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register to attend to network with the best in the industry and sit in on discussions you won’t hear anywhere else. Early Bird Registration Ends April 19.