The Invest Atlanta Board approved a $14 million lease-purchase bond to provide an operational subsidy for the Briarwood Medical Office and Commercial Retail development, as well as a $1.2 million grant from the Campbellton Road Tax Allocation District (TAD) to provide gap financing.
The project will convert approximately six acres in Southwest Atlanta into a $13,039,818 development consisting of 30,000 square feet of medical office space and 17,000 square feet of commercial retail space.
The Briarwood Medical Office and Commercial Retail project is part of an 11-acre development immediately across from Greenbriar Mall, which will eventually become a mixed-use district that also includes housing, commercial and other public amenities. It also provides necessary medical services and quality jobs to a census tract deemed as a Designated Health Professional Shortage Area.
According to Alan Ferguson, senior vice president of Community Development at Invest Atlanta, the mixed-use development goes back to 2019 when Invest Atlanta, the City of Atlanta and partner agencies came together to identify potential projects that could be marketed for investment under the Better Opportunities Loan Program.
“We’re now at the point to provide incentives to bring this project forth to construction and fruition,” said Ferguson. “We feel the delivery of these healthcare and medical services during a time of COVID-19 recovery will be essential for this area.”