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Atlanta Business Chronicle
$62M Downtown hotel seeks tax break
The developer of a planned $62 million Downtown hotel will ask Fulton County officials for a tax break, according to an upcoming meeting agenda.<\p> Atlanta-based Nexera Capital, formerly known as RevPar Cos., and Emerge Hospitality Group are developing the 183-room Moxy hotel, Atlanta Business Chronicle reported last year. <\p>
Atlanta to host annual 100 Black Men of America convention
The 100 Black Men of America will hold its 38th annual convention in Atlanta next week.<\p> The event is expected to draw 1,200 people to Downtown Atlanta’s Hyatt Regency hotel and nearby attractions, June 12 to June 16. A spokesperson said the conference is expected to have an economic impact of $1.8 million.<\p>
Dickens: Water upgrades would cost 'billions'
Atlanta Mayor Andre Dickens is forming a "blue-ribbon panel" of local experts to improve the city's water infrastructure, following major water main breaks that left residents and businesses without water for days.<\p> The panel would enact recommendations from the U.S. Army Corps of Engineers and Federal Emergency Management Agency, Dickens said, which are working with city officials to conduct a systemwide evaluation of Atlanta's crumbling infrastructure. Federal personnel have started to arrive in Atlanta to assist with planning efforts to mitigate service disruptions in the future.<\p>
Aircraft maintenance company signs new lease in Macon
Aircraft maintenance services company Embraer has renewed its lease with the Macon-Bibb County Industrial Authority for a property at the Middle Georgia Regional Airport. <\p> The property was initially leased to the industrial authority by the county. The industrial authority in turn subleased the property to Embraer in 2018. Embraer agreed to bring in 100 jobs under that lease. <\p>
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
Atlanta completes repairs on Midtown water main
Atlanta's Department of Watershed Management has completed repairs on the water main at 11th and West Peachtree Streets in Midtown, the city announced Wednesday at 7:25 a.m.<\p> The system is slowly being brought back online to allow water pressure to rebuild, the city said.<\p>
Atlanta credit union to buy Newton County bank
One of the largest credit unions in the state is about to broaden its metro Atlanta presence even further.<\p> Atlanta Postal Credit Union and its nonprofit subsidiary, Center Parc Credit Union, reached an agreement to acquire Covington-based Affinity Bank last month. The deal would be an all-cash transaction for an undisclosed amount. The transaction is slated to close in late 2024 or early 2025.<\p>
Morehouse alum joins top Atlanta law firm as partner
A top law firm in Atlanta has recruited one of its former attorneys to serve as a partner within its real estate practice.<\p> Morris, Manning & Martin hired Henry “Butch” Bailey Jr. as a partner in its real estate development and finance team, the firm announced. Bailey has a focus on pursuits involving land use and zoning.<\p>
Survey: 96% of Georgia workers consider business generosity important
The nonprofit group goBeyondProfit released its annual Business Generosity Report in connection with Georgia CEO. The findings show 96% of working Georgians surveyed said they consider it important for their employers to be not just good, but generous. <\p> That is up from 47% in 2019.<\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
NFL QB lists Roswell estate for $5M (Photos)
NFL quarterback Tyrod Taylor is selling his metro Atlanta estate.<\p> Taylor, who plays for the New York Jets, priced the Roswell property at $5 million, according to a listing by Compass Real Estate. Matthew Doyle and David Goodrowe of Compass’ Sports & Entertainment Division are the listing agents.<\p>
Dickens moves to extend AMC moratorium
The redevelopment of the Atlanta Medical Center site remains in limbo, as city officials explore how to repurpose the property with community needs in mind.<\p> On May 25, Atlanta Mayor Andre Dickens issued an executive order to extend a moratorium on the acceptance of rezoning requests and permit applications for the Old Fourth Ward site. Atlanta City Councilmember Michael Julian Bond introduced an ordinance at a Monday meeting to ratify the order, which would extend the redevelopment pause for 120 days or until councilmembers take a vote on updating zoning and planning regulations for the site.<\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
Appeals Court blocks Fearless Fund grant program
A federal appeals court on Monday suspended Atlanta-based Fearless Fund from continuing its grant program that provides business development grants to Black women entrepreneurs.<\p> The U.S. Court of Appeals for the 11th Circuit ruled 2-1 that Fearless Fund's program is "substantially likely" to violate a section of the Civil Rights Act that prohibits discrimination in making or enforcing contracts. <\p>
$5M fund would help businesses impacted by water crisis
As Atlanta battled a series of water main breaks over the weekend, Paul Calvert, partner at Michelin-honored Krog Street Market restaurant Ticonderoga Club, was one of the many restaurant owners forced to shut their doors Friday and Saturday, losing thousands of dollars in revenue. <\p> It was another setback for Ticonderoga Club, which a year ago had to shutter for months when a hot water heater exploded and flooded the restaurant.<\p>
Atlanta plans systemwide evaluation; boil-water advisory updated
The U.S. Army Corps of Engineers is set to arrive in Atlanta on Tuesday to assist with the ongoing water crisis, Mayor Andre Dickens told the City Council at a Monday meeting.<\p> Atlanta's Department of Watershed Management plans to conduct a “comprehensive” evaluation of the city’s water infrastructure, Commissioner Al Wiggins Jr. said. The push for an assessment comes after the rupture of major water mains in recent days.<\p>
Houston-based CRE firm expands to Atlanta
A commercial real estate firm based in Houston has officially put down roots in Atlanta.<\p> Partners Real Estate opened its Atlanta office on June 1. It's the first of many expansions that the company has planned for Southeast in the next few years.<\p>
Q&A with Atlanta's retiring cultural affairs director
When Camille Russell Love retires from the City of Atlanta later this year, she will have served under five mayors, leading the office that is responsible for everything from grant funding to enhancing ties with international arts groups to organizing annual cultural events. <\p> The self-described workaholic says after 25 years she is not tired, but rather "refreshed" by the work. Love, a North Carolina native, moved to Atlanta 50 years ago, accepting a job here after deciding not to attend Duke University School of Law, where she had been accepted. At 74, Love says it is time to step aside from a job that has brought her "an immense sense of satisfaction," but before she does, she will help the city transition to a new leader. <\p>
Midtown water repairs continue without end in sight
The city is still repairing a ruptured water main at 11th and West Peachtree streets.<\p> Midtown residents and businesses are temporarily without water, as crews excavate the site to perform what is expected to be a "routine repair," said Atlanta Department of Watershed Management Commissioner Al Wiggins Jr. at a Monday press conference. He did not provide an estimated timeframe for completing the work and restoring service to customers.<\p>
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