North American Properties is set to transform Colony Square, which sits in the heart of Midtown Atlanta at Peachtree and 14th Streets, into a vibrant mixed-use development. And under Mayor Reed’s leadership, the Invest Atlanta Board of Directors passed an inducement resolution to provide up to $160 million in bond financing for the project.

“What the company is trying to do right now is turn Colony Square—which occupies the center of one of the most important communities—from something that looks like it sits in the 1970’s to something that looks like it sits in 2020,” said Mayor Kasim Reed at the July board meeting. “We all have a compelling interest in making sure that occurs.”

Plans call for the redevelopment of Colony Square’s existing retail and office space, as well as the addition of a new 25,000 square-foot food hall and 8-screen movie theater. Other project improvements will include a plaza area for public events, better pedestrian access, traffic enhancements, increased energy efficiency, and the addition of new green space.

The $160 million investment will create up to 390 new retail employees and 250 new office employees, and will have an estimated economic impact of $230.1 million. The updated Colony Square is also expected to attract new companies to Atlanta and catalyze additional development in Midtown.