04 Aug $4.4M tax break granted for Chamblee project with nearly 320 apartments
Developers will receive a $4.4 million tax break on a new mixed-use project in Chamblee with the requirement that the developers complete several public improvement projects.
The Chamblee Downtown Development Authority approved a tax abatement last Tuesday for the Lumen Chamblee project, which will include 318 apartments, roughly 4,700 square feet of restaurant and retail space and a 509-space parking deck. Located at 2175 American Industrial Way, the project is estimated to be a $73-million investment in the city.
Stein Investment Group and Atlantic Residential, both based in Atlanta, are developing the project. They requested a tax abatement to help cover the costs of several ancillary projects, which DDA Chair Rob Smith said would help fast-track improvements in the area.