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A YEAR IN REVIEW 2024
Creating Community
A Downtown Renaissance
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The Phoenix Rising: Atlanta’s Downtown Renaissance
Creating Community 24
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A YEAR IN REVIEW 2024 Working for You
14 South
Downtown Restoration
48 Atlanta Open for Business The fund that has been helping Atlanta small businesses keep their doors open
16 Building a Local Food Movement
42 Finally Home
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Five Ways Atlanta Will Become A Top 5 Tech Hub Establishing the city as influential player in the world of innovative tech 50 Opportunities Abound Companies of all sizes from around the world are making Atlanta home
56 A Tremendous Blessing Gail Paterson is grateful beyond measure
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Moving Atlanta Forward
Q: What makes Atlanta special? Atlanta is a way of life. We are a vibe. A place to put down roots, launch a business, raise a family and build a home. We have more than 240 unique neighborhoods, over 20,000 small businesses and a beautiful diversity. My team goes to work each day committed to moving Atlanta forward and cementing our spot on the map as one of the most welcoming and accessible cities in the world. We’re a group project focused on investing in sustainable infrastructure, cultivating a culture of integrity and innovation, opening doors to new opportunities and ensuring trust and safety for all. By drawing circles and pulling more chairs to the table we bring people together and foster an incredible sense of pride in our place – the foundation on which anything is possible. Q: Describe how Invest Atlanta translates your vision into reality. Invest Atlanta is the economic and community development agency for the City of Atlanta. It is unique in that it’s one of only three entities in the United States that focuses on both economic and community development. My team works hand in hand with Invest Atlanta to weave together resources and build coalitions with public, private and philanthropic partners. Together we are working to establish Atlanta as one of the top five tech hubs in the world, increase access to fresh food, create more affordable housing and welcome the world to visit and do business here among many other goals. Invest Atlanta has a hand in all of this.
As the 61st mayor of Atlanta, Andre Dickens has big aspirations for the city and wants every Atlantan to share in its growth and prosperity.
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Q: How does affordability keep Atlanta competitive and resilient?
Q: What goes through your mind as you come into work each day and see Atlanta’s progress? I’ve grown up with the city of Atlanta and have seen it mature and progress in ways that are so inspiring. There are, of course, all the obvious ways, like the Beltline, stadiums, arenas and retail developments, but also the nooks and crannies of our communities. New housing to replace blighted properties, thriving corner businesses and the preservation of our many historic places. I’m proud to have witnessed so much progress and am honored to be shepherding Atlanta’s next chapter. All eyes are on The A, and for all the right reasons.
Mayor Andre Dickens Q&A
Access to stable affordable housing is one of our top priorities because it is so closely aligned with economic mobility, reduced crime, better health outcomes and higher educational achievement. Simply put, when people spend less on housing they have more to spend on other essentials. Together with Invest Atlanta, we have a goal to build or preserve 20,000 units of affordable housing across the city by 2030. This includes innovative development models with wraparound services to help seniors and low-income residents, as well as workforce housing located close to transit. We’re also helping legacy homeowners remain in their homes, supporting first-time homebuyers with down-payment assistance and creating safe shelters for our unhoused residents. Affordable housing is foundational to thriving communities and a stronger Atlanta, which opens more pathways to greater opportunities. Q: How will the revitalization of Downtown Atlanta affect future growth? There are several large-scale developments happening in Downtown that are truly transformational. They represent big ideas and creative solutions. Perhaps most important, they encompass all the aspirational goals we have set forth for our city. Investors and developers see the promise of Atlanta and their investments are creating jobs, affordable housing and unique urban destinations. With investments of this magnitude come more investments and a sizable economic impact, and it’s our role as city leaders to ensure our communities share in this prosperity. We must continually narrow the wealth gap and grow responsibly for the good of all Atlantans.
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“
Ever since my high school Spanish teacher asked what I wanted to be when I grew up, I knew I wanted to make a difference. Invest Atlanta has given me a unique and exciting opportunity to impact lives in a positive way. It’s so inspiring to drive through our city and see the extent of our reach and the results of our efforts. I consider it a true honor to be a part of such meaningful work.
— Eloisa
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Letter From Our CEO
An Atlanta for Us All
here’s a lot happening in Atlanta. We’re a city known for our hustle and our grit and are defined by a rich history and diverse cultural identity. As the unofficial capital of the South, we are growing in every direction and working with purpose to move Atlanta forward as an equitable, flourishing city for all. I am proud that Invest Atlanta is at the heart of this exciting and important effort. We work closely with Atlanta Mayor Andre Dickens and City leadership to invest in all the things that make our beloved city thrive. Our investments support business development, affordable housing, small businesses, neighborhood revitalization and access to fresh food. They open doors to opportunity, upward mobility and a slice of the pie. With so much happening, some of Invest Atlanta’s work flies under the radar, which is why I’m so pleased to introduce VIA – a first-of-its kind, annual publication T
highlighting our investments, along with the personal stories and broader context on their importance to Atlanta’s future. We chose to name this publication VIA because much of our city’s growth and prosperity comes from Invest Atlanta. We have so many tools to meet people where they are and address their needs. Whether that’s paying off a senior’s property taxes, helping an entrepreneur launch a business or providing technical assistance to grow that business, Invest Atlanta can assist. In these pages you’ll learn more about your community and your neighbors, efforts to preserve our history and new developments that will attract visitors and businesses from around the world. I invite you to take a deep dive and discover all the ways Invest Atlanta is helping our city become the very best version of itself.
Dr. Eloisa Klementich, CEcD, President and CEO, Invest Atlanta #IamIA
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“
These big bold investments will have a profound economic impact on the city, and I’m proud of the role Invest Atlanta, City leadership and our partners are playing in bringing this to fruition.
— D r. Eloisa Klementich, President and CEO, Invest Atlanta
DOWNTOWN
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RISING THE PHOENIX ATLANTA’S DOWNTOWN RENAISSANCE
Over the past decade, transformative projects have galvanized our communities with investment in gems like the Atlanta Beltline, Westside Reservoir Park, Mercedes Benz Stadium and Ponce City Market.
his transformation continues in Downtown Atlanta as billions of dollars are poured into the heart of the city that will continue to reshape and reimagine what Atlanta has to offer. It’s an urban renaissance that will help narrow the affordable housing gap, create jobs, attract visitors from around the world and drive an estimated $22 billion in economic impact. T
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GROUNDBREAKING PROJECTS CURRENTLY IN THE WORKS
THE STITCH 2 Atlanta’s newest public park will be on top of the Downtown Connector – literally. Known as The Stitch, this visionary project will create approximately 14 acres of multi-purpose urban greenspace above a 0.75- mile stretch of highway between Ted Turner Drive and Piedmont Avenue. The linear park will include pathways, a skate park, water features, event pavilions, open lawns and pollinator gardens. In addition to reconnecting neighborhoods that were divided by the construction of I-75/I-85, The Stitch has the potential to spur billions in additional private investments.
ATLANTA CIVIC CENTER 1
Situated on 19 acres, the Atlanta Civic Center embodies the city’s rich civic and arts history. A multi-phased redevelopment of the site will preserve this legacy with affordable housing, a state-of-the-art theater complex, an arts-focused high school, an upscale hotel, grocery store, commercial space and office accommodations. Extensive renovations will also be made to the public plaza.
The Atlanta Civic Center will feature 1,300 new housing units – 40% of which will be affordable.
The Stitch will add more than 3,000 new and preserved housing units, along with up to $3 billion in additional private investment projects.
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2 PEACH TREE 4
UNDER GROUND ATLANTA 3 Once known as Terminus, Underground Atlanta is a historic site where the Western & Atlantic railroad line came to an end. In 1965, it was developed into a vibrant entertainment hub and has seen its share of highs and lows over the years.
Cities around the world are grappling with what to do with the vast amount of vacant office space in the aftermath of the pandemic and the work- from-anywhere revolution. The transformation of 2 Peachtree represents a creative approach to this very issue and the largest office-to-residential project in Georgia’s history. The 42-story office tower, located steps from Woodruff Park and the Five Points MARTA station, will be redeveloped into an innovative residential and mixed-use development, bringing a minimum of 200 affordable housing units to Downtown Atlanta.
Spanning 12 acres, this Atlanta landmark is reclaiming its roots as the music, arts and culture center of the city and adding a new 30-story, mixed-use tower that will include dining, retail, art incubators, entertainment and mixed-income/ student housing, including 163 affordable units.
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SOUTH DOWN TOWN 6 Tech entrepreneur David Cummings is making a massive investment in South Downtown representing 10 city blocks and 89 properties. The large-scale project will include the renovation of several existing buildings along Hotel Row and historic Broad Street, as well as the construction of new, mixed-use buildings on top of parking lots to create a flourishing entrepreneurial district featuring restaurants, bars, shops and an outdoor town square.
CENTENNIAL YARDS 5 Downtown Atlanta will soon have its own city-walk attraction. Ready in time for the FIFA World Cup 26 ™ , Centennial Yards will be a world-class sports and entertainment destination located in what has long been a hole in the middle of Downtown commonly referred to as The Gulch. The project, which represents one of the largest urban developments in America, will feature a 3 million-square-foot entertainment, retail and housing district with more than 10 new streets. Invest Atlanta recently approved the monetization of previously issued bonds to help accelerate the development of Centennial Yards and has worked to ensure there is affordable housing on site and contracting opportunities, including construction, for minority businesses. Once complete, Centennial Yards will boast 900,000 square feet of retail space, 2.8 million square feet of residential housing (including 200 affordable units), 1.7 million square feet of hospitality venues, along with a 300,000-square-foot Data Center.
The entrepreneurial district will include 100,000 square feet of creative spaces, over 1,000 housing units and dozens of shops, restaurants and bars.
can live, work and play. “
We want South Downtown to become a living laboratory for startups with a 24/7 community vibe where people
— D avid Cummings, Tech Entrepreneur
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D Tech entrepreneur David Cummings has big plans for Atlanta that involves 10 city blocks, 56 buildings, 11 parking lots, 16 acres and one extraordinary vision. DESTINATION DOWNTOWN ATLANTA
avid Cummings is an entrepreneur through and through. He launched Hannon Hill, a web content management business, from his Duke University dorm room. He partnered with a former college classmate to form Pardot, a digital marketing automation company that sold for $100 million. He went on to open Atlanta Tech Village in Buckhead, the 4th largest tech space in the U.S. And, he founded Atlanta Ventures to support entrepreneurs as they launch and grow their startups. Now David has sights set on his biggest project yet: Reviving South Downtown Atlanta. “I’ve always had a bunch of crazy ideas and lots of energy to pursue them,” says David. “The great thing about entrepreneurship is that, every once in a while, it can work out in a really big way.”
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A PARTNER IN THE PROCESS
LIVE. WORK. PLAY.
David enjoys finding a gap, a need or something missing in the world and assembling the idea, team and capital to address it. It’s how he built Atlanta Tech Village in 2013, creating a college- campus-like environment where entrepreneurs could come together to work, brainstorm, socialize and innovate – long before the idea of co-working became mainstream. “The vision for South Downtown is to replicate the same experience we created at Atlanta Tech Village and scale it across an entire district,” explains David. “We are revitalizing Atlanta’s founding neighborhood, in the same location where the rail line came to an end, for a new generation of founders.” David’s plan encompasses 10 city blocks, 56 unique buildings, 11 parking lots and 16 acres surrounding Atlanta’s Hotel Row and Broad Street. Phase 1 of the multi-phase, multi-decade project includes restoring and modernizing the historic buildings to create innovative work spaces for startups, which will be completed just in time for the FIFA World Cup 26™. Subsequent phases will involve constructing new buildings on top of parking lots to accommodate retail, restaurants, bars and housing – lots and lots of housing. “We want South Downtown to become a living laboratory for startups with a 24/7 community vibe where people can live, work and play,” says David. “Every great city has a downtown where people want to linger and hang out. Atlanta has been challenged for a long time, and I’m excited to help bring it back to life.”
David says Invest Atlanta has helped to facilitate his South Downtown vision, sharing resources and information on the tools and financial support available as the district begins to take shape. Invest Atlanta is also providing essential funding for other large-scale projects that will further re-energize Downtown, like Centennial Yards, Atlanta Civic Center, The Stitch, Atlanta Underground and 2 Peachtree – all of which are within a one-mile radius of each other. In fact, the South Downtown startup district sits adjacent to Centennial Yards, highlighting a unique juxtaposition between Atlanta’s past and future. “We see our restoration of South Downtown with all its history, stories and architecture as a great complement to the shiny new entertainment district that’s being built next door at Centennial Yards,” says David. “Invest Atlanta has been instrumental in making all this happen.” As the city’s economic and community development authority, Invest Atlanta’s mission is to strategically invest in projects that create jobs, support business growth, add affordable housing, revitalize neighborhoods and generate economic impact. David’s vision for South Downtown checks every box. According to David, all the investment and creativity pouring into Downtown, along with the city’s can-do attitude, smart, motivated people and strong university network, is setting Atlanta up to be a global destination. “Entrepreneurship is about trying to invent the future and grow in a way that might not have been done before,” he says. “Atlanta has always been the little town that could. We have a history of punching above our weight class, and now we’re poised to become a true, world-class city.”
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Who doesn’t love a farmers market? Bustling with vendors selling hyper-local produce, baked goods and artisanal foods, they connect growers with consumers and are steeped in community vibes.
Community Farmers Markets makes fresh food easily accessible for customers in their local communities as well as at several MARTA stations.
Building a Local Food Movement
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F
armers markets have become neighborhood destinations providing a third place where people can come out
executive director of Community Farmers Markets. “Our presence in the transit stations addresses the last mile in the food supply chain, making it easy and affordable for people to make healthy food a part of their daily habit.” The ebb and flow of funding in the world of nonprofits can sometimes lead to gaps in financing, which was the case for Community Farmers Markets earlier in the year. But Invest Atlanta quickly stepped in to fill the void through a social impact loan awarded by Atlanta Emerging Markets, Inc. (AEMI). The loan program, which opens the door to capital for organizations that support residents in Atlanta’s economically distressed neighborhoods, is just one of many ways AEMI fosters economic development, job creation and neighborhood revitalization. “It truly made all the difference,” says Casey. “Invest Atlanta’s quick response helped us keep our markets open and our operations flowing. It was like working with a friend who understood our mission and had our back. We are just so grateful for their support.”
and be part of their community. This is especially true in Atlanta as Community Farmers Markets has created a robust ecosystem for them to thrive. Founded in 2011, the nonprofit is on a mission to build a local food infrastructure for long-term sustainability and meaningful community impact. It’s a system that makes healthy foods accessible for all Atlantans while also supporting more than 160 farmers, producers and chefs with resources and technical assistance. In addition to weekly markets in Decatur, Oakhurst, East Atlanta Village and Grant Park, Community Farmers Markets operates mini produce stands at seven MARTA stations. Known as MARTA Markets, they meet customers where they are as they make their daily commutes – many of which are in communities with limited access to fresh food. “Everyone deserves fresh, locally grown food, and we want our markets to be equitable and accessible to everyone,” says Casey Hood, interim
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Did You Know? Community Farmers Markets accepts SNAP/ EBT (food stamps) and, through a partnership with Wholesome Wave Georgia, will match the amount of EBT dollars swiped with an equal amount of tokens for fruits and veggies. So, when you spend $10 of EBT, you get $20 worth of fresh, local food.
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Invest Atlanta’s quick response helped us keep our markets open and our operations flowing. It was like working with a friend who understood our mission and had our back.
— C asey Hood, Interim Executive Director, Community Farmers Markets
Created by Invest Atlanta in 2005, Atlanta Emerging Markets, Inc. (AEMI) is a certified Community Development Entity that fosters economic development, job creation and neighborhood revitalization in underinvested communities. It offers flexible financing to high-impact businesses and real estate development projects using Federal New Markets Tax Credits (NMTC). In 2024 alone, AEMI provided a total of $53 million in funding to 13 social entrepreneurs.
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Statistics show that 14% of Atlanta’s population is food insecure, with underserved communities struggling with hunger more than other households. Working closely with City of Atlanta leadership, Invest Atlanta is addressing this issue head on, allocating $2.5 million to fund projects that will significantly increase the availability of healthy, affordable food to thousands of residents living in low-income and low-access areas. Fresh Food for All
nvest Atlanta is bringing more grocery options to the table through a strategy that focuses on attracting major supermarkets and grocery stores, enhancing neighborhood markets, supporting innovative food access models and creating new systems and environments. I As part of this strategy, the Invest Atlanta Commercial Property Improvement Grant Grocery Opportunity provided 15 small, local food markets with a total of $750,000 in direct investment to support their preservation and growth. Invest Atlanta also facilitated support to small grocery operators through tailored technical assistance from the Independent Grocers
Alliance (IGA), which provides resources to create and execute collective bargaining agreements to help grocers scale their operations in a fiscally responsible manner. What’s more, the Atlanta Food Access Catalyst Grant program, enabled by a $6 million investment from the City of Atlanta, is bringing more fresh food options to underserved communities located in food deserts. For some, this grant program was layered with Tax Allocation District (TAD) grants, Atlanta Emerging Markets, Inc., grants and New Market Tax Credit allocations to increase impact among Atlanta’s underserved and senior populations.
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GOODR BE ON EDGEWOOD
Goodr leads the nation in innovative approaches to improving food security by connecting excess food that is completely safe for consumption with food-insecure communities. Leveraging a $330,000 Atlanta Food Access Catalyt Grant, Goodr will open a grocery store at Be on Edgewood, serving Atlanta’s senior and unhoused communities.
City of Refuge is a national leader in community development and economic mobility and has been serving Atlanta residents for nearly 30 years, providing housing, job training and education. The faith-based nonprofit is building a new Transformation Center on Joseph E. Boone Boulevard that will include wraparound services, as well as a healthy neighborhood market with funding assistance from a $200,000 Atlanta Food Access Catalyst Grant. CITY OF REFUGE
ATLANTA COMMUNITY FOOD BANK
The Atlanta Community Food Bank has plans to renovate a vacant retail space along the Martin Luther King Drive corridor to open a Community Food Center with funding assistance from a $250,000 Atlanta Food Access Catalyst Grant and a $250,000 Hollowell/Martin Luther King TAD grant. Community Food Centers are direct-to-families pantries established in areas with limited resources to meet the needs of those experiencing food insecurity.
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Fresh Food for All
SWEET AUBURN MUNICIPAL MARKET
The Sweet Auburn Municipal Market has long been a draw for tourists, downtown employees and neighborhood residents for its unique vendor spaces and popular eateries. Transformational improvements to this historic market will soon be underway with financing from a $775,000 Eastside TAD grant. Planned renovations include system modernization and the reconfiguration of booths to drive lease affordability and create space for additional vendors. The grant will also support a new Vendor Success Program administered by Invest Atlanta featuring small business improvement grants and a technical assistance program.
THE YELLOW STORE
A vacant, neighborhood building on James P. Brawley Drive, known as the “Yellow Store,” is being renovated into a mixed-use development with funding assistance from a $750,000 Westside TAD grant. In addition to retail and residential components, the development will include an outdoor canopy to provide seating for a local food service tenant.
need to thrive. “
Addressing food insecurity is not merely a challenge, it is an imperative that demands collective action to ensure that every individual has access to the nourishment they
— D r. Eloisa Klementich, President and CEO, Invest Atlanta
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Opening New Doors
Food Deserts
More than $8.1 million in funding approved by the Invest Atlanta Board will be used to open two new grocery stores in Atlanta food deserts, offering a wide variety of affordable fresh produce, meats, dairy products and other essential grocery items. The first location in Southwest Atlanta will be a municipal grocery store, known as Azalea Fresh Market, operated by Savi Provisions under a sublease agreement with Invest Atlanta. An additional location in Downtown will be operated by Savi Provisions through a sublease agreement with an existing tenant. It’s all part of a partnership with the City of Atlanta and Invest Atlanta to increase access to healthy, affordable food options in low food access neighborhoods. Savi Provisions was selected to operate the stores through a competitive request for proposals process. Both locations will offer convenient hours to accommodate diverse schedules and serve as welcoming community hubs. To promote accessibility, the City will support affordability by accepting SNAP benefits and providing special promotions and discounts.
These initiatives have the potential to drive lasting impact, addressing key health challenges such as obesity and hypertension while also enhancing student attendance and academic performance. By partnering with local farmers and vendors, these stores will not only supply fresh food, they will also stimulate economic development within the community. This includes creating 80 jobs with an estimated economic impact of $21 million. For far too long, traditional grocery operators have neglected these neighborhoods, which has created negative health outcomes for our community. We are proud to be a local business supporting our fellow residents with affordable groceries and high-paying jobs. This is truly a game changer for the city of Atlanta.
USDA “food deserts” are identified by census tracts with low-income populations living in areas with low access to fresh foods. Invest Atlanta specifically prioritizes the USDA food deserts identified as having low access to fresh food within one half- mile, though the USDA also identifies food desert census tracts at the one-mile threshold for urban areas and 10-mile threshold for rural areas.
“
— P aul Nair, CEO, Savi Provisions
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Creat- -ing Comm- -unity
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To many, Anthony Gee is known as the entrepreneur whisperer, and for good reason. He’s building entire communities designed to help creators grow their business and generate wealth.
R
ecognizing the divergence between traditional commercial leases and the spirit of entrepreneurialism, Anthony
Just as important as flexible leases and customizable work spaces is a deep sense of community found among fellow entrepreneurs. Koncept House fosters a collaborative environment for creators of various industries and stages of growth. As part of that collaboration, Anthony holds monthly meetings with tenants to talk through their challenges and share strategies, resources and best practices. He also brings in legal, marketing and tax professionals to offer additional support and counsel. “These entrepreneurs are accomplished in their own right, but sometimes run into roadblocks and just need someone who can provide honest advice on the best way forward,” says Anthony. “It’s so gratifying to see their energy and passion and help guide their journey.”
opened Koncept House as a collaborative co-working space that offers flexibility and community – a model unique to the real estate industry. What’s even more unique is the luxe experiences offered at Koncept House, including candle-making, perfume-making, DIY skin care and wine-making where clients come, spend the day and enjoy a coffee or cocktail while they feel the entrepreneurial energy pulsate through the building. Indeed, Koncept House is different by design. It breaks down leasing barriers and gets to know the entrepreneur, what they’re trying to accomplish and finds a fit that goes beyond their financial track record. As their business grows, Anthony wants their space to expand and scale with them.
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Scaling His Own Vision
The first Koncept House opened in Castleberry Hill in 2019 and quickly reached capacity with more than 25 entrepreneurs offering a range of products and services, including everything from DJ experiences and skincare to vitamins and custom wigs. In fact, many of Anthony’s original tenants choose to remain at Koncept House, despite reaching levels of growth more suited for traditional commercial space. That internal growth, coupled with a sizable waiting list, convinced Anthony there was more than enough demand to open a second Koncept House location. Working with Invest Atlanta and the Atlanta Open for Business Fund Commercial Down Payment Assistance Program, he was able to finance a 17,000-square-foot building in the Capitol Hill community that will house more than 60 new tenants and allow him to scale his vision even more.
Anthony’s vision, which is already in motion, includes the creation of a Koncept House District, featuring two additional buildings next to the second location, along with 28 for-sale townhomes – some of which will be made affordable for mixed incomes. With financing help from Atlanta Emerging Markets, Inc.’s New Markets Tax Credit program, Anthony’s goal is to not only provide entrepreneurs with commercial space to grow their business, but also offer them the opportunity to become homeowners. Located on an entire city block just steps from the Atlanta Beltline, the Koncept District will also include neighborhood amenities, like restaurants, cafes and unique culinary experiences, that will bring new energy and personality to the community. “We’re providing spaces for entrepreneurs to grow and scale their business, and now we’re offering residential spaces for those entrepreneurs to also create wealth through homeownership,” explains Anthony. “We believe that combination is important for the revitalization of neighborhoods and communities.”
Left: Koncept House is a more than home to unique businesses like Social Sober, it’s a collaborative community. Right: Koncept House lobby (Castleberry Hill location).
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Creating Community
participant in its success. “
The city of Atlanta has a great entrepreneurial spirit, and Invest Atlanta is an active
— A nthony Gee, Founder, Koncept House
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Did You Know?
Congress established the New Markets Tax Credit (NMTC) program in 2000 to attract investment to communities with low median income and high unemployment. The program takes private equity contributed by investors and turns it into gap financing for redevelopment projects. Created by Invest Atlanta in 2005, Atlanta Emerging Markets, Inc. (AEMI) is a certified Community Development Entity that allocates NMTCs to organizations that are revitalizing communities.
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A North Star
Invest Atlanta has been a trusted partner to Anthony along his own entrepreneurial journey. From his very first interaction, Anthony says the team actively communicates new opportunities and ways Invest Atlanta can help him achieve his goals. “It’s special,” he says. “The city of Atlanta has a great entrepreneurial spirit, and Invest Atlanta is an active participant in its success. It’s one of the things that make Atlanta, Atlanta.” Like Invest Atlanta, Anthony believes when entrepreneurs are empowered, they will accomplish great things. “It’s what Koncept House focuses on each and every day because once you get that piece right, everything else falls into place,” he says. “That’s our North Star.”
A Powerful Evolution
With his eye always on the future, Anthony is testing the thesis around Koncept District and pathways to scale the model to different locations within Atlanta and across the country. Confident in its viability, he is already raising capital to make it a reality. Anthony says his vision for Koncept House has evolved over the years and that he is always discovering something new about how the environment can better serve entrepreneurs. What’s more, he is constantly learning from his tenants, the world in which they operate and all the ways they build and market their business around social media. “There’s nothing more rewarding than watching people who have been working out of their living rooms come to Koncept House with an idea and develop it into a sustainable business,” says Anthony. “It’s very powerful to witness that growth. To watch that under our roof is even more powerful.”
Funded by a $20 million donation from Wells Fargo in partnership with United Way of Greater Atlanta and administered by Invest Atlanta, the Atlanta Open for Business Fund was created to help small business owners own more of their business assets and build resiliency. Read more on page 48.
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Creating Businesses
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At Koncept House, founders and entrepreneurs can create their own unique space where they can build and scale their business. As they grow, Koncept House ensures their space grows with them. Clockwise: ByLeCreme, The Skintimacy Bar. Opposite: Drip N Paint (left); The Skintimacy Bar (right)
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Five Ways Atlanta Will Become a Top 5 Tech Hub
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Mayor Andre Dickens has set a goal for Atlanta to become a Top 5 Tech Hub in the U.S. – establishing the city as an influential player in the world of innovative tech. The City of Atlanta and Invest Atlanta are paving the way to make this goal a reality, creating an ecosystem that fosters vibrant collaboration, bold investment and sustainable growth across key industries.
As vice president of Technology & Entrepreneurship for Invest Atlanta, Jennifer Bonnett is part of a team leading the city’s efforts to become a Top 5 Tech Hub. She also oversees the Women’s Entrepreneurship Initiative, which was created in 2016 as the first city-funded incubator for women entrepreneurs, featuring collaborative cohorts, community outreach, educational workshops and mentorship. Becoming a top five tech town requires a collective effort between public and private entities that are actively engaged in the process. “It’s going to take a village,” says Jennifer. “We’ve identified the projects and initiatives that will move the needle closer to the goal, but we are also asking companies, investors and academic institutions to step up and empower entrepreneurs in meaningful ways.” From increasing access to capital, to training and retaining talent and creating strong partnerships, here are the top five ways Atlanta is advancing a culture of collaboration to become the nation’s go-to city for tech entrepreneurs.
Key to attracting entrepreneurs and tech companies to Atlanta is having a ready workforce with competitive skills. With sizable investments in upskilling and reskilling programs, Atlanta is building a pipeline of qualified workers proficient in high- demand, technical skills across growing industries. 1 DEVELOPING A WORKFORCE OF THE FUTURE
There are 57 public and private colleges and universities in the Atlanta region with more than 250,000 students enrolled each year. To keep talented graduates from heading to the West Coast or other big cities for tech jobs, Atlanta is highlighting all the possibilities that exist within the city by fostering dynamic collaborations among educational institutions and the tech community. 2 ENGAGING UNIVERSITY GRADS
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Atlanta is well-placed to be an entrepreneurial powerhouse with recent population growth alongside academia, tech and economic activity. “ — A ccelerating Innovation and Entrepreneurship in Atlanta and Georgia Tech Foundation, Inc.
Five Ways Atlanta Will Become a Top 5Tech Hub
The number one criteria driving entrepreneurship is access to venture capital. And to lure venture capital, Atlanta must first attract seed and angel capital. Invest Atlanta and City leadership are laying the groundwork for more investment by supporting startup incubators – like the Women’s Entrepreneurship Initiative – accelerator programs and pitch competitions to help founders launch, grow and scale their ventures. Invest Atlanta also provides early-stage funding through grant and loan programs, recognizing that with investment, comes more investment. 3 ATTRACTING CAPITAL INVESTMENT AND INCREASING ACCESS TO CAPITAL
One of the primary reasons Atlanta startups are so successful is the abundance of corporate partners that embrace the spirit of entrepreneurship and drive the city’s innovation economy. This symbiotic relationship is a win-win for both corporations and startups, allowing corporations to track with emerging technologies and new growth opportunities while also supporting entrepreneurs with resources, expertise and financial backing. 4 FOSTERING CORPORATE ENGAGEMENT AND PARTNERSHIP
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Dillon Moses, founder of Oceanviews AI, believes technology goes hand in hand with building an inclusive environment. As a recipient of the Atlanta Startup Growth Loan, part of Atlanta Open for Business, Oceanviews AI was able to hire local talent and make needed upgrades to its servers.
Atlanta has a robust support system that offers assistance at every stage of the entrepreneurial journey. To help activate more startups, the city is helping founders navigate the full range of resources, technical assistance and funding that’s available and is actively marketing Atlanta’s unique story as an ideal place to do business. 5 ACTIVATING AND PROMOTING A STARTUP COMMUNITY
Did You Know?
Metro Atlanta is home to more than 30 Corporate Innovation Centers. Companies are attracted to the top talent and robust innovation ecosystem Atlanta offers to develop new ideas, products or services in an environment that promotes experimentation, collaboration and testing of inventive concepts to drive business growth.
The Women’s Entrepreneurship Initiative, the only municipally funded incubator in the country, has supported over 100 women- owned businesses, which have raised over $8 million in capital investments and created over 1,300 jobs in the city of Atlanta.
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In the heart of Atlanta lay a 138-acre brownfield. What was once the site of Atlantic Steel in the early 1900s fell into toxic, abandoned blight by the late 1990s. Its transformation into what is now Atlantic Station represents one of the country’s largest urban brownfield redevelopments and the extraordinary possibilities that exist within a TAD.
tlanta Hoop Company opened its doors in 1901 with a massive steel mill churning out wagon wheels, cotton bale ties and barrel hoops. Business boomed, and the company was renamed Atlantic Steel in the 1920s, adding nails, barbed wire, plough shears and galvanized steel to its production output. A During its heyday in the 1950s, Atlantic Steel employed more than 2,300 employees and produced 750,000 tons of steel products per year. But that success began to wane in the 1980s with the rise of foreign competition and the country’s shift towards de-industrialization. By 1997, Atlantic Steel was a shell of its former self, down to a mere 400 employees. One year later the company ceased operations and closed its doors.
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THEMAKING OF AN ECONOMIC ENGINE
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“My contention is that the announcement to redevelop this brownfield, Atlantic Steel, is the most important development announcement for this city in the last 50 years,” said Atlanta Mayor Bill Campbell at the time. “There has never been a project quite like this... this project represents a culmination of dreams for us in Atlanta and the vision that these developers have.” Atlanta created the Atlantic Steel Brownfield Redevelopment Plan and Tax Allocation District – a funding mechanism that allowed the City to address the site’s environmental issues and set a standard for positive development within the Atlanta region. A Catalyst to Progress To set the plan in motion, the City of A tax allocation district, commonly referred to as a TAD, is a tool used to publicly finance redevelopment activities in underdeveloped or blighted areas. Bonds are issued to pay for infrastructure and other improvements in a designated area and are repaid by increases in property values and corresponding property tax increments from that area. “TADS are one of the most dynamic investment tools that the City uses to spur economic progress and community development,” says Jennifer Fine, vice president of Planning & Strategic Initiatives for Invest Atlanta, who leads its TAD strategies. “TADs often serve as an impetus to private investment and can be layered with other incentives and financing tools to maximize impact.”
A Culmination of Dreams The remains of Atlantic Steel haunted the city with its enduring blight and contamination. Visible from Interstate 75/85, its demise was on full display. Atlanta needed to act. At the same time leaders were grappling with what to do with the Atlantic Steel site, they were also seeking solutions to alleviate the city’s increasing air pollution and traffic congestion. Since the early 1980s, the Atlanta region was out of compliance with air quality standards, which halted most federal funding for transportation projects and negatively impacted mobility and the local economy. The solution to the city’s eyesore, pollution and congestion came by way of Jacoby Development. Jacoby had a vision to create an urban village on the Atlantic Steel site where people could live, work and play. What’s more, the company had close working relations with the Environmental Protection Agency (EPA), the State of Georgia, the Atlanta Regional Commission (ARC), the City of Atlanta and other local authorities to make that vision a reality. Jacoby’s proposed development was considered an inflection point for Atlanta. Not only would it construct the framework for a more pedestrian- friendly city, it also facilitated the cleanup of one of Georgia’s largest brownfield sites.
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A $250 million Atlantic Steel TAD allocation was used to prepare the Atlantic Steel site for redevelopment and address infrastructure challenges, including the addition of a groundwater collection and treatment system, construction of the 17th Street bridge and an environmental cleanup of epic proportions. Remediating the widespread industrial contamination took years and involved removing 165,000 tons of contaminated soil, recycling 150,000 cubic yards of concrete from the steel mill’s foundation and support structures, asbestos abatement, lead-based paint abatement and air monitoring. Far-reaching Impact Out of the rubble of Atlantic Steel rose Atlantic Station – a vibrant, walkable community featuring thousands of mix-income residential units, millions of square feet of commercial office space, a luxury hotel, acres of green space and blocks of retail and restaurant establishments. The development, 15 years and $3 billion in the making, quickly became an Atlanta destination. It created approximately 20,000 new jobs, provided enhanced property and sales tax revenues for the city and led to key infrastructure improvements to nearby corridors. What’s more, Atlantic Station
presented a critical link to Atlanta’s Midtown and Westside neighborhoods, stimulating millions of dollars of additional investment on its perimeter. Renamed the Atlantic Station TAD, this initial public investment has led to one of the most successful economic redevelopments in the city’s history. In fact, the land’s assessed value has grown from $7 million in 1999 to $843 million in 2024. According to Dr. Eloisa Klementich, president and CEO of Invest Atlanta, the Atlantic Station TAD is the epitome of public investment working for the good of all Atlantans. “It’s a text-book example of how public and private investment can address pressing issues while also creating a unique community asset,” says Dr. Klementich. “Atlantic Station is a city-defining development whose impact extends well past the boundaries of a district.”
Atlantic Station’s assessed value has grown from $7 million in 1999 to $843 million in 2024.
Snapshot
1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2024
> $250 million TAD investment > Assessed property tax value has grown from $7 million in 1999 to $843 million in 2024 > $5.4 billion impact on the economy based on IMPLAN analysis > Approximately 20,000 jobs created > 165,000 tons of contaminated soil removed > 150,000 cubic yards of concrete from the Atlantic Steel Mill recycled
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THE VALUE OF A TAD
Atlanta TADs have generated $13.5 billion in economic impact and more than 46,000 direct jobs for the city. A tax allocation district, commonly referred to as a TAD, is a tool used to publicly finance redevelopment activities in underdeveloped or blighted areas. Atlanta has nine TADs (the Princeton Lakes TAD was closed in 2023), and their impact is evident in every corner of the city. TAD grants are used to create and preserve affordable housing. They support construction of city assets, like the Atlanta Beltline and Atlantic Station. They strengthen local businesses and enhance exterior facades. And they improve streets, parks and places of historic and cultural significance, like the National Center for Civil and Human Rights. And while each TAD has a strategy to address specific challenges, there is a common goal across all districts to bring about economic progress, community development, property revitalization, infrastructure enhancement, sustainability and open spaces. TAD-funded projects directly impact people. They turn infill residential developments, mixed-use projects in disinvested commercial corridors and blighted properties into vital community services like healthcare, job training and healthy food access. Invest Atlanta is committed to this type of development, and TAD funding is a critical component to help commuities thrive.
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A $2 million Westside TAD Ascension Fund Grant, coupled with a $15 million New Markets Tax Credit (NMTC) allocation awarded by Atlanta Emerging Markets, Inc. (AEMI), is providing critical financing to The Salvation Army of Metro Atlanta as it transforms its current homeless shelter facility on Marietta Street into an expanded Center of Hope campus. The funding is helping to finance a new, five-story, 53,000-square- foot addition that will house emergency shelter with 230 beds, increasing the shelter’s bed capacity by 35%. The tower will feature private two-bedroom suites for veterans with a shared bathroom and living space and a dedicated Education and Workforce Development Center that will offer educational opportunities and vocational training to those experiencing homelessness and others in the community. Once complete, the Center of Hope campus will provide shelter to more than 2,000 men, women and children experiencing homelessness annually. THE SALVATION ARMY CENTEROFHOPE 2024WESTSIDETAD
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The Salvation Army and Invest Atlanta share a common goal: to lift up the fallen and to empower the powerless. “ — M ajor Thomas McWilliams, Commanding Officer for The Salvation Army Metro Atlanta
1. /Moores Mill Village – Perry Bolton TAD 2. / National Center for Civil & Human Rights – Westside TAD 3. /Marchon Apartments – Eastside TAD 4. /Kathryn Johnston Memorial Park – Westside TAD 5. /The Salvation Army Center of Hope – Westside TAD
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Finally Home
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Cleothella Fleming looked at more than 100 properties and worked with eight different real estate agents until she finally found the house meant to be home. Key to the entire process was Invest Atlanta, which provided down-payment assistance to make her long-time dream of homeownership a reality.
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few years back, Cleothella was having a difficult time finding her footing. Even with two masters degrees, the
“It’s a beautiful, quiet, working-class neighborhood,” says Cleothella, who restored the original hardwood floors, customized a few features, and made some repairs to the foundation. Her favorite part, however, is the land on which the house sits, which she believes spoke to her and confirmed it was meant to be. Cleothella recounts how she was wearing her late father’s shoes as she walked around the property and asked aloud if this house was the one. “It was a warm day, but suddenly the most magnificent breeze blew through the trees,” she remembers. “I knew at that moment I was finally home.” Cleothella loves working in her yard, which she maintains with a meticulous passion, and has since planted 15 additional trees on her half-acre property, including oak, pine and crepe myrtle. “I’m so grateful for Invest Atlanta investing in me,” says Cleothella. “Through this program I was able to buy my freedom. Every day I wake up and thank the infinite spirit for having the opportunity to have my own mansion on this planet.”
post-pandemic recession made it challenging to land a good-paying job, and she was living in an apartment community that had become socio- economically depressed and ridden with crime. Determined to move into a home of her own, Cleothella spent two years preparing her credit and finances. While Cleothella had heard about Invest Atlanta, she had no idea it would be such a crucial part of her journey to become a homeowner. “Invest Atlanta catapulted me into a better neighborhood a mile away from my old apartment,” says Cleothella. “It’s a night and day difference from where I was to where I am now.” Cleothella qualified for a $20,000 loan through the Invest Atlanta Down Payment Assistance program and was able to layer that funding with other incentives from her lender and Atlanta Housing, the city’s housing authority. With financial support, and what seemed like an endless search, she finally found a three-bedroom/one- bath, A-frame house in the Ben Hill community.
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