Highwoods, Brand Land Tax Abatement for Atlanta Conversion

Highwoods Properties and Brand Properties are partnering on a $91 million office-to-residential conversion in Chamblee.

They are set to transform the long-vacant 18-story office building, at 1800 Century Boulevard, into apartments, bringing much-needed housing to the area, the Atlanta Journal Constitution reported.

The 298,000-square-foot building, which once served as the headquarters for the Georgia Department of Revenue, will be repurposed into 289 apartments, ranging from one-bedroom units to three-bedroom townhomes. The development cost breaks down to $315,000 per unit.

The project gained momentum with a $6 million property tax break approved by the Decide DeKalb Development Authority. The tax abatement is expected to help the developers secure the necessary funding for the conversion, which will be financed through a combination of a $59 million construction loan and $32 million in investor equity.

The project would offer 20 percent of units at below-market rates, ranging from $1,505 to $2,684.

“We’ve looked at 30-plus office-to-residential opportunities in the metro Atlanta area, and this is the most compelling,” said Michael Hoath, president of Brand Properties.

The site’s proximity to major transportation routes and institutions like Emory University’s $1 billion medical campus and Children’s Healthcare of Atlanta’s new hospital adds to its appeal for residential redevelopment.

The redevelopment could feature amenities like a dog park, a food truck park and a small amphitheater.

The conversion is expected to have a positive fiscal impact on DeKalb County, with over $2 million in estimated local tax collections and the school district during the tax abatement period. — Andrew Terrell