Portman Grabs 10-Year Tax Break For 3rd Midtown Tower
Portman Holdings got the thumbs up for 10 years' worth of property tax breaks for its third planned tower along Tech Square in Midtown Atlanta.
The board of Invest Atlanta, the city's economic development arm, approved a $110M lease bond package Thursday to finance the development of a $151M, 345K SF office building called 712 West Peachtree. Those bonds translate into $5M in property tax savings over the course of a decade.
According to Invest Atlanta documents, Portman predicts the tower would ultimately create 2,333 permanent jobs in the city. Portman is moving forward on the tower without any tenants having signed a lease.
This is Portman's third at-bat with office in the immediate area. It already secured Georgia Tech as a primary tenant at Coda, and earlier this year it snagged a full-building pre-lease deal with Anthem — which operates Blue Cross Blue Shield of Georgia — for its IT hub at the 21-story tower next door to 712 West Peachtree.
