Key points:
• Sandy Springs has approved a $4.33 million incentive package for Woodfield Development as part of its overhaul of the North River Shopping Center, helping to secure a new park at 8830 Roswell Road.
• Woodfield Development is set to acquire the shopping center in October and begin construction on its portion of the roughly $200 million project.
• The 13-acre site plan includes building a new apartment complex, a public park, and 85 for-sale townhomes.
The Sandy Springs Development Authority okayed a 10-year tax abatement, valued at $2.55 million, at an Aug. 26 special-called meeting, taking effect if Woodfield Development officially acquires North River Shopping Center.
Sandy Springs Economic Development Director Chris Burnett, who serves as a liaison to the business and development community, said Woodfield’s redevelopment would be the “first major development project in the North End in decades.”
“It is at the gateway, really, as you come down from Roswell across the river,” Burnett said. “It is going to be the first major project you see as you come into the North End of Sandy Springs … We believe this will be a catalyst for more things to come in.”
Incentives contingent on closing
With the development authority’s unanimous approval, Burnett said Woodfield has assured Sandy Springs officials that it has secured the financing to close on the property in October. The tax abatement and land acquisition closings will be simultaneous.
Currently, North River Shopping Center is anchored by Dollar General with a mostly empty parking lot, several vacant storefronts, and now a demolition zone.
Economic Development Director Chris Burnett said the front-loaded property tax reduction only applies to the apartment complex, which Woodfield will construct along with the 0.71-acre public park. The 85 for-sale townhomes are not eligible for abatements.
“All tenant leases will need to terminate, and the overall 13-acre site will be totally scrapped and prepped for new construction, including the park project,” Burnett said. “Woodfield would also include 70 public parking spaces … available to patrons of the retail stores and patrons of the park.”
The planned townhomes on the north end of the 13-acre property will be constructed by another builder, which city officials and Woodfield have yet to announce. Construction of the estimated $200 million project could last up to three years, creating 700 temporary jobs. The future apartments, restaurants, and retail add another 30-45 jobs.
“With the value of what will be on the site … the city’s portion of the taxes over the next 10 years, even netting out the abated piece, is approximately $2 million,” Burnett said. “So, it’s about a tenfold increase over the next 10 years of what we would currently receive if nothing were done on the site.”
Scrutinizing city investment
Woodfield Development is a South Carolina-based Class-A multifamily builder, also working on a 362-unit apartment complex at Embassy Row off Peachtree Dunwoody Road.
Burnett said the park’s footprint is below grade along Roswell Road (SR 9) and closer to an acre. The city puts the cost of the park at $6.5 million, about two-thirds of its $4.3 million incentive package.
Related story:
• Potential North River overhaul includes a Sandy Springs park
At a North End mayoral forum last year, candidates traded blame for the city’s lack of redevelopment, with residents citing a lack of dining options and community gathering spaces near the Chattahoochee River and the city’s border with Roswell.
After stalled projects, including prior pitches to redevelop North River Shopping Center, the city council and development authority votes were unanimous. Several officials cited a long-running desire to give the North End a facelift.
Development Authority Chair Chip Collins said most of the value the city is getting from the deal in the first decade is the roughly $6 million park. Recreation and Parks Director Brent Walker is working with Woodfield on design of the park.
“I don’t think the addition of a new park is anything to sniff at,” Collins said. “I think it’s a great thing.”
Vice Chair Andy Bauman, a former council member and mayoral candidate, said he doesn’t think a primarily residential use will noticeably increase traffic in the area and along Roswell Road. He said he thinks nearby residents will be walking.
“We want to place into consideration the conditions to support the retail and restaurants that are going in there,” Bauman said. “On the Dunwoody side, they literally took away some parking lot and put in a little central green … it attracts people to the businesses that are going in there, and that’s what I saw as the value here.”
