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Atlanta Business Chronicle
A Covid-era option for bankruptcy filings is about to expire
Small businesses will be left without a useful Covid-era bankruptcy tool when it expires in the coming weeks — a development occurring just as bankruptcies are on the rise.<\p> The program, called Subchapter V, was created to enable businesses with less than $2.75 million in debt to go through the Chapter 11 bankruptcy reorganization process in a streamlined way. In March 2020, as the pandemic took hold across the country and worldwide, Congress raised that benchmark to $7.5 million, allowing many more businesses to use the Subchapter V option. <\p>
Atlanta-based real estate firm names two new partners
A real estate finance advisory firm headquartered in Atlanta announced two key promotions.<\p> Patterson Real Estate Advisory Group has named directors Lauren Hanley and Austin Smith as the newest additions to its team of partners.<\p>
The 'lock-in' effect is hitting homebuyers. It may get worse.
Americans expect high mortgage rates to rise even more in the coming years, a perspective that could further dampen the housing market.<\p> The Federal Reserve Bank of New York’s SCE Housing Survey found Americans expect mortgage rates to climb from just under the 7% they are now to 8.7% a year from now and 9.7% in three years — the highest recorded since the agency started asking Americans that question in 2014.<\p>
Tesla layoffs create opportunity for Atlanta company
When Tesla laid off about 500 workers in its charging and infrastructure division earlier this month, EnviroSpark wasted no time in letting those former employees know they might find a new home with the Atlanta-based company. <\p> The electric vehicle charging company is now armed with a $50 million investment that fortuitously closed within days of Tesla’s layoffs. EnviroSpark plans on using these new funds for an aggressive hiring plan. <\p>
Downtown's Olympic fountain set for overhaul
The Fountain of Rings at Centennial Olympic Park is getting an overhaul. <\p> State officials said a $2.5 million grant from the Robert W. Woodruff Foundation is funding the project at the Downtown park. It will modernize the interactive fountain, which is a legacy of the 1996 Olympic Games and a popular play spot for children.<\p>
Apartment market cools with record amount of new supply wrapping up
The national rental-housing market has continued to cool, with differing outcomes based on geography and unit type.<\p> Several markets in the South posted significant year-over-year declines in apartment rental rates as of April, according to a new Realtor.com analysis. Those declines were led by Nashville, Tennessee, and Austin, Texas, the latter of which has seen an 8.3% annual drop in asking rents and an 11.5% drop since peaking September 2022. <\p>
Charlotte real estate company enters Atlanta market
A Charlotte-based real estate company has bought the leasing and management business of Atlanta Property Group, entering the market for the first time. <\p> Trinity Partners, a commercial real estate services firm, has acquired an entity called APG Real Estate Services. The deal closed Monday. Terms of the deal were not disclosed. <\p>
State pension pays $15M for 1-acre site of former strip club
Georgia's pension for teachers and state employees has paid a pretty penny for the site of a former strip club overlooking Interstate 75.<\p> The Teachers Retirement System of Georgia and Employees Retirement System of Georgia acquired the less than 1-acre property just north of Midtown for $15 million, according to Fulton County records.<\p>
JLL VP: A lot of retail tenants 'prefer a more mixed-use feel'
It’s no secret that walkable spaces with shopping, entertainment and restaurant options are thriving.<\p> Developments such as the Krog District, The Works on Chattahoochee Avenue and Ponce City Market, where Atlantans can work, eat and play, are expanding. New restaurant and entertainment options at mixed-use projects include Damsel at The Works and a forthcoming restaurant from Northern China Eatery owners at Westside Paper on West Marietta Street. <\p>
Atlanta homebuyers get more help from big lender
One of the largest mortgage lenders in the country has expanded some of its homebuyer assistance tools for customers in metro Atlanta.<\p> Chase Home Lending has increased the limits of its Special Purpose Credit Program homebuyer grant and closing guarantee, offering buyers a greater advantage when purchasing select Atlanta-area homes.<\p>
Workers with learning disabilities face stigmas in the workplace
There remains a big stigma facing workers seeking workplace accommodations for certain disabilities — and those employees worry asking for help will hurt their careers. <\p> A new survey by The Harris Poll on behalf of nonprofit Understood.org, which works with people who have learning and thinking differences such as Attention Deficit Hyperactivity Disorder (ADHD) and dyslexia, found while 69% of workers know their employers must provide reasonable accommodations for disabilities, about 60% said there is still a stigma around asking their employer for support.<\p>
Atlanta brewery expands to Greenville
An Atlanta-based craft brewery continues to expand across the Southeast. <\p> New Realm Brewing Co. last week opened a new location in Greenville, South Carolina. It marks the company’s fifth brewery in less than a decade since it launched.<\p>
Former NFL star sells mansion to ex-Bulldog for $4.9M (Photos)
Former NFL Pro Bowler Darnell Dockett got his Atlanta home sale over the goal line, and an ex-Georgia Bulldog scored a new abode. <\p> Dockett, the three-time Pro Bowler who was born in Atlanta, sold his Buckhead mansion for roughly $4.9 million, according to Fulton County property deeds. The sale closed on April 10.<\p>
Atlanta taps firm to clean up riverfront site ahead of transformation
Atlanta officials are preparing to clean up the Chattahoochee Brick Co. site, which is slated to become a riverfront park connected to the region's trail network.<\p> On Monday, Atlanta City Council tapped CHA Consulting Inc. as an environmental consultant for the revitalization project. The firm would be paid $420,000 to come up with a plan guiding the remediation of the brownfield site, said Jessica Lavandier, assistant director of the Office of Zoning and Development, at a recent committee meeting.<\p>
Atlanta caterer investing $5M to open event venues
Atlanta’s largest caterer is investing almost $5 million to open three event venues in the city, according to building permits.<\p> Proof of the Pudding last week filed plans for an event venue on the top floor of the 8West building, located near Georgia Tech in West Midtown. It will occupy 10,000 square feet and is set to open this fall, according to an announcement. The buildout is estimated to cost almost $1.3 million, according to a permit filed in Atlanta. <\p>
Cobb nonprofit aims to triple its fund to 'activate good'
During the next decade, the Cobb Community Foundation will grow from a $30 million fund to $100 million to address more societal ills.<\p> "There's really a higher calling for us," Shari Martin, president and CEO of the Cobb Community Foundation, told Atlanta Business Chronicle.<\p>
Beazer Homes names new CMO
One of Atlanta's biggest homebuilders has a new marketing lead.<\p> Beazer Homes USA Inc. (NYSE: BZH) appointed Elicia Azali as chief marketing officer, the company announced May 21. CMO is a new position at Beazer, a spokesperson told Atlanta Business Chronicle.<\p>
Architecture firm expands to Atlanta
An architecture firm with offices in Georgia and Florida is expanding to metro Atlanta.<\p> SRJ Architects Inc., headquartered in Albany, opened an Atlanta office "to better serve existing clients in the metro area" and "engage with new clients seeking forward-thinking architectural solutions," according to a news release. The office is in Cobb County near Cumberland Mall, per SRJ Architects' website.<\p>
Downtown tower lands leasing team; landlord sees demand
The Downtown building that has served as the longtime regional headquarters for accounting giant Ernst & Young has a new leasing team. <\p> Transwestern Real Estate Services, one of Atlanta's largest commercial real estate brokerages with $505 million gross dollar volume produced by its local office, landed the assignment at 55 Allen Plaza.<\p>
Investors purchase $1B worth of Atlanta houses
Real estate investors took a billion-dollar bite out of Atlanta's housing market to start the year.<\p> In the first three months of 2024, the total value of Atlanta-area residential property purchased by real estate investors surpassed $1 billion, according to a recent report from national real estate company Redfin Corp. (Nasdaq: RDFN).<\p>
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