Downtown Atlanta’s Flatiron Building received an $11,200,000 New Markets Tax Credit investment to renovate the previously vacant 118 year-old historic landmark into an entrepreneurship hub and innovation center. The building’s dilapidated state and unusual floor plan limited potential uses for redevelopment, however the space is uniquely suited for new generation office and entrepreneur space. The New Markets Tax Credit gap financing made the redevelopment of the building financially feasible and has made it possible for catalytic tenants, such as the Women’s Entrepreneurship Initiative and Microsoft Innovation Center, to receive free or reduced rents. The project will bring over 300 jobs to Downtown Atlanta and activate a key asset to help spur catalytic change along the newly created Atlanta Streetcar corridor.
Investor: JP Morgan Chase
program: New Markets Tax Credits