Brookhaven Development Authority approves redevelopment deal for Corporate Square ‘North Bend’

The Brookhaven Development Authority voted July 28 to approve Resolution No. 7326, authorizing a development agreement with Peachtree Venture Holdings LLC for the redevelopment of Corporate Square, a multi-phase project the developer is marketing as "North Bend." The board approved the resolution by voice vote after hearing a presentation from developers and a summary from the incentives review committee.

Pierce Lancaster, managing partner at Third and Urban, opened the presentation by saying, "This is a project we are now calling North Bend," and described branding and public-space goals tied to Peachtree Creek and the Peachtree Creek Greenway. John Wong, a partner on the development team, described the site as "pretty much all impervious" today and said the proposal replaces an obsolete office park with mixed-use development including apartments, senior housing, for-sale townhomes and a hotel component.

Wong said Phase 1 focuses on Corporate Boulevard and listed program elements the team expects to deliver in early phases: multifamily units, townhomes (for sale and rental) and "about 10,000 to 15,000 square feet of retail" as a neighborhood amenity. He said the target start for Phase 1 is next summer with a construction period of roughly 26 to 28 months.

An economic impact analysis presented by the team and consultant KB Advisory highlighted construction-period revenue and job creation and projected ongoing tax revenue and ongoing jobs. The presentation listed construction-period revenue of roughly $11,700,000 and a projected increase in property tax revenues of about $8,200,000; the developers and committee also cited figures for one-time construction jobs and permanent jobs in the study materials.

Mr. Siegel, summarizing the Incentive Review Committee's observations, said the committee views the proposal as "an over the $600,000,000 investment" for a largely built-out city. He outlined fiscal protections included in the draft agreement and incentives package: a pilot (payment in lieu of taxes) structure the committee said is designed to leave the school board "whole" compared with current receipts (with a possible 3% annual increase during the pilot period), a hotel-completion deadline of January 2029 tied to certain pilot payments, and a workforce-housing requirement that the committee said meets the city's 10% workforce-housing ordinance.

When asked about stormwater, Wong said engineering is not complete but noted the plan adds about 4.5 acres of new public pervious green space and that each development pad will be required to meet underground stormwater requirements. The team also emphasized preserving an existing oak canopy and retaining the Brookhaven International Festival on-site as part of public programming.

Chair Marquita Jackson asked for a motion on Resolution No. 7326; Mr. Carr moved to approve and Mr. Williams seconded. The board approved the resolution by voice vote; the chair stated, "That motion carries." The resolution authorizes the city entities to enter the development agreement with Peachtree Venture Holdings LLC; the transcript records the approval by voice vote and does not include a roll-call tally.

The board concluded the special meeting immediately after the vote. Next procedural steps not specified in the meeting transcript include final execution of the development agreement and the developer's permitting and detailed engineering work that will precede construction.