What Is Project Scarlett?
Somewhere in Atlanta, a mystery company is on track to get tax abatements for a lease from the city. But divining what company is known as Project Scarlett remains elusive.
Invest Atlanta—the city's economic development arm—is scheduled to vote on $150M in lease revenue bonds as an inducement to improve unspecified space within the city. Generally, revenue bonds go toward reducing the overall rent a tenant pays in a building. Called Project Scarlett, Invest Atlanta offers little more info about the identity of the company, and calls to the organization were not returned by press time. Invest Atlanta will vote on the incentive this Thursday.
Invest Atlanta officials also are expected to vote on a $10M bond offering for the City of Atlanta to acquire City Plaza, a mixed-use project that includes 164 apartment units. The city came to an agreement to purchase the property at 241 Central Ave earlier this year, and according to the Atlanta Journal-Constitution, plan to convert a portion of the nearly 30k SF of ground-level retail space into a wellness and fitness center. The apartments—now 90% leased—will remain untouched in the city's revamp.
