This Week's Atlanta Deal Sheet: Hyundai, LG Solidify $4.3B Savannah Battery Plant
Hyundai Motor Group and its partner LG Energy Solutions finalized a $2B investment in Hyundai's new electric vehicle battery plant outside Savannah, solidifying a previously reported $4.3B price tag for the facility.
The total investment in the Metaplant in Bryan County was confirmed Thursday in a press release from Gov. Brian Kemp. The 30 gigawatt-per-hour plant is expected to produce 300,000 units each year for electric vehicles produced by Hyundai, Kia and Genesis.
Hyundai and LG agreed to an additional $2B to invest in the plant, which solidifies the May announcement of a total of more than $4B, Kemp press secretary Garrison Douglas told Bisnow.
The new plant is expected to open by 2025 and employ 3,000 people.
The Hyundai/LG project is among the latest victories in Georgia’s race to capitalize on the growing EV industry. Since 2018, Georgia has attracted more than $25B in EV investments, creating more than 30,000 jobs, with battery-related projects accounting for at least $11B of that, according to the press release.
DEVELOPMENT
Daesol Ausys Georgia, a South Korean automotive supplier, plans to invest $72M in a new West Point plant that will manufacture luggage boards and covers for Kia, Hyundai and General Motors. The company is developing a manufacturing facility that will employ 140 people on a nearly 3,000-acre site in Harris County.
Alyce Thornhill, the Georgia Department of Economic Development’s director of project implementation and supplier strategy, negotiated on behalf of Georgia and Harris County on the project, according to a press release. The plant is expected to deliver in December of 2024.
***
Las Vegas-based data center operator Switch has filed an application with state officials for a $772M data center in Cartersville called Switch KEEP 2.0 Atlanta North Campus, according to an application filed with the Georgia Department of Community Affairs. The single-building project will be located on a 126-acre site near the intersection of Old Alabama and Bates roads in the city some 40 miles north of Atlanta.
KEEP’s annual tax revenue impact is projected to be $15M, and it is expected to use 1.3 million gallons of water a day, according to the application.
***
After a pivot away from office, The Loudermilk Cos. filed an application with the city of Atlanta to begin groundwork at 359 East Paces Ferry Road in Buckhead to make way for apartments.
Loudermilk proposed a 328-unit market-rate apartment project called INTRO Buckhead, according to the application.
MANAGEMENT
Newmark Executive Managing Director Craig Kalinowski, Senior Managing Directors R.J. Zurak, Brad Kirschner and Stewart Thrash and associate Morgan McMenamy have been tapped by three different landlords to lease more than 1M SF of suburban office properties in Metro Atlanta.
OA Development tasked the team to lease the 161K SF 100 Ashford Center North in Central Perimeter and the 150K SF Preston Ridge IV in Alpharetta, each with around 50K SF of vacancies. PPF Group tapped the team to lease the four-building, 688K SF Mansell Overlook office complex in Roswell, which has 144K SF of vacancy.
And Brightman-Gil Real Estate Investment selected the team to lease 92K SF of vacant space at the 140K SF 4501 North Point Parkway office building in Alpharetta.
LEASES
Law firm Kazmarek Mowrey Cloud Laseter LLP signed a lease for nearly 11K SF at 1200 Peachtree St., the former headquarters for Northfolk Southern that has since been renamed Promenade Central. The law firm is moving from nearby Promenade II in Midtown.
CBRE Senior Vice President Ellen Stern represented the law firm, while Cousins Properties Vice President Jeff Dils and Senior Vice President Bill Hollett brokered the deal for Cousins.
