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Developer seeks $25 million in tax incentives for 315-unit ‘Fraser’ project, DDA asks for fiscal analysis
Summary
A developer described a 315-unit project ("The Fraser") that includes 20% of units at 80% AMI, a three-level parking deck and sustainability features, and requested $25 million in tax-abatement support; the DDA deferred final action pending an economic impact analysis expected within weeks.
A developer identified in the meeting as Rod presented plans for a 315-unit mixed-use project called "The Fraser," assembled from four parcels in downtown Chamblee and constrained by steep topography and a tight 2.07-acre site.
Rod said the proposal includes a three-level parking deck (roughly 336 spaces), restaurant-focused retail of about 6,500 square feet, additional electric-vehicle charging stations, and EarthCraft certification. He told the board the team proposes that 20% of units be affordable to households at 80% of area median income to serve teachers, first responders and city workers.
On funding, Rod said the project needs a large tax abatement to be financeable: "That's why we're asking for that, asking for that, $25,000,000 tax payment and net present value dollars," he said. He explained the math: recent contractor pricing and a per-unit cost estimate of about $350,000 make the project's yield-on-cost and debt metrics challenging for lenders without the abatement.
Chair members signaled concern about the size of the request. The chair said he was "struggling with the size of the incentive request, 25,000,000," and noted that some items in the developer request — such as certain public infrastructure and environmental measures — may already be required by Chamblee code. The chair and staff said the DDA expects an economic impact analysis within a couple of weeks and that the fiscal analysis will inform any decision; they indicated it may not be possible to approve a bond resolution at the next meeting without that analysis.
Why it matters: the request ties local development, affordable-unit commitments and funding policy together. The developer argued the abatement would unlock private financing and quicker redevelopment of an underused block; board members emphasized the need for full fiscal detail before committing DDA resources.
The board did not take final action on incentives at the Aug. 26 meeting and asked staff to provide the economic analysis and related fiscal materials before moving forward.
