Developer seeks $25 million tax incentive for Chamblee downtown project; board defers

Rod, the project applicant, outlined the proposed Frasier at Old Town Gordon development and its requested incentive at the Downtown Development Authority meeting on Sept. 23. The proposal includes 63 affordable units at 80% of area median income and an affordable-housing incentive quantified at $225,000 per unit, which the chair said yields $14,175,000 of the developer’s $25,000,000 request. Rod told the board that, without development, the site would generate roughly $47,000 in taxes next year (the city’s share about 25% or roughly $11,000), and that construction could lift property value to about $52,000,000 with first-year post-construction city receipts cited in the hundreds of thousands. "If we do go with the tax abatement, our numbers see a dramatic rise after 1 year of construction," Rod said.