The city of Atlanta’s development arm is offering $15 million in tax incentives to the developer of Georgia Tech’s second phase of Technology Square.
The incentive offer is contained in documents for the board of Invest Atlanta. The board will consider the incentive package at its regular meeting on Thursday.
The project, which is formerly known as the High Performance Computing Center, is a joint venture of Portman Holdings and Tech. Tech will be the anchor tenant, taking up about half of the planned office space, but private companies and research partners are being wooed for the $350 million development.
The project will contain about 1 million square feet of office, retail and data center space and top out at 25 stories. The project previously has been described as about 700,000 square feet.
The project is estimated to create 2,100 construction jobs, hold 2,400 workers on site and result in an estimated economic impact of $813.8 million. It is expected to open in 2018, and brings property once under control of the philanthropic arm of the university onto the tax rolls.
The estimated tax savings is over 15 years, the documents said, and tax payments from the owner will total $17 million in that time.
The documents indicate that Georgia Tech plans to rotate “research neighborhoods” that span various academic fields through the campus. The computing center will be used for academic research, financial and econometric forecasting, genetic modeling and other high performance data analysis.
“The Project will strengthen Atlanta and Technology Square’s role as a global leader in promoting technology-based commerce, serving to foster collaboration between private industry and interdisciplinary research,” the documents said.
Read about how Georgia Tech’s leap across the Connector is paying dividends here. And read more about the university’s plans to study a bio-sciences park here.