Perched several stories above the Eastside Trail in the Ford Factory Lofts, Jim Irwin and his team at New City have a prime view of their new office and retail development at 725 Ponce. The 10-story building that is under construction will be primarily office space with a rebuilt Kroger on the ground floor and seamless connections to the Atlanta BeltLine Eastside Trail.
While working with Jamestown to transform the old Sears manufacturing and distribution center into the distinctive destination it is today – Ponce City Market – Jim saw firsthand the pent-up demand for office space along the Atlanta BeltLine. He walked across the Eastside Trail and set up a new firm, New City, to answer that demand.
Given the transportation options that the Atlanta BeltLine provides (a multi-use path now with transit in the future), Jim sees how the Eastside Trail could be the next Peachtree corridor – a powerful place in Atlanta where jobs, residents, alternative transportation, and quality of life come together. As an Atlanta native, Jim has watched Atlanta evolve and is thrilled with the opportunities the Atlanta BeltLine presents. With his experience working with two development companies on major projects along the Atlanta BeltLine, Jim brings a unique perspective to our series, “Business on the Atlanta BeltLine.” The video above tells Jim’s story.
For assistance in starting his new business along the Atlanta BeltLine, Jim turned to Invest Atlanta and Atlanta BeltLine, Inc. Invest Atlanta approved the use of lease-purchase bonds for the development. This financing provides a property tax savings for 10 years, which the developer will use to help attract tenants to the building.
Additionally, JP Morgan is investing nearly $200 million in this project due to its location on the Atlanta BeltLine. The construction is generating approximately 1,200 temporary jobs and an estimated 1,800 people will come to work in the completed building.
Our economic development department at Atlanta BeltLine, Inc. is here to help businesses of all types and sizes in a number of ways: relocating to the Atlanta BeltLine, suggesting available spaces to purchase or rent, connecting with funding resources, and more. Please visit our economic development and real estate webpage and reach out to us at 404-477-3003.