Invest Atlanta this week approved a $330 million lease-purchase bond for Amsterdam Walk, a large mixed-use development next to the Atlanta Beltline’s Northeast Trail, according to SaportaReport.
Under the arrangement, Portman Holdings will lease the property from Invest Atlanta during development and make payments while the bonds are repaid. The structure allows the city’s development authority hold title to the property until the debt is paid off.
Amsterdam Walk occupies 11 acres on Monroe Drive at the edge of the Virginia-Highland and Morningside neighborhoods. The site once housed offices, retail and other commercial space.
Portman received $15 million in Beltline Tax Allocation District funding in September to cover infrastructure and the first 539 multifamily units. The allocation sparked controversy.
The multiphase project currently includes 1,100 rental units, 1,435 parking spaces and 150,000 square feet of commercial space. Portman will add affordable housing units at the site, which is near Piedmont Park.
Supporters of Amsterdam Walk said the investment and development are crucial to bettering the neighborhood.
Opponents said the project would worsen already heavy traffic on Monroe Drive, which is undergoing a road diet. Nearby residents have expressed concern about congestion.
Atlanta school board member Ken Zeff said nearly $15 million in tax incentives does not represent the best use of public resources. In a letter, Zeff wrote that significant public incentives should be accompanied by a clear and compelling public benefit.
Portman’s legacy in Atlanta includes Peachtree Center, the Westin Peachtree Plaza and the Hyatt Regency Atlanta. More recent projects include Coda at Tech Square and Junction at Krog.
