Selig/Landmark, Majestic Chasing Bond Financing For Big Projects
Two high-profile Atlanta developments could be getting tax incentives with the Fulton County Development Authority. The authority has filed plans to raise revenue bonds—which help to offset property taxes over a period of years—for both The Standard student housing tower and the massive, $400M UPS distribution facility on the southern outskirts of Downtown Atlanta.
According to documents filed with Fulton County Superior Court, developers of The Standard—a JV between Selig Enterprises and Landmark Properties—are seeking a $120M revenue bond through the Fulton County Development Authority to build a 400k SF mixed-use, student housing tower that would include 257 units and 765 beds, along with nearly 11k SF of retail space on Spring Street, according to documents.
Majestic Realty is also seeking up to $40M in revenue bond financing for its 1.2M SF UPS facility next to Fulton County Airport-Charlie Brown Field. UPS CEO David Abney previously said the facility—known as Project Shark in economic development circles—will be the third-largest such facility in UPS's logistics chain and be the hub for package delivery in the Southeast. Both bonds are set for approval later this month, according to documents.
