A 15-story office tower, providing space for 1,350 employees, is planned in Brookhaven with the help of about $6.3 million in tax incentives.
The proposed $143 million building will be part of the Perimeter Summit office complex near Interstate 285 and Ga. 400, according to developer Seven Oaks Company. Construction could begin by the end of the year.
The Decide DeKalb Development Authority unanimously approved backing for the 359,000-square-foot project Oct. 8 by giving the developer a 15-year discount on property taxes.
Randy Holmes of Seven Oaks told the board that the 4004 Perimeter Summit building doesn’t have tenants yet, but many businesses are seeking office space in the area.
He said the agreement with the Decide DeKalb Development Authority is “a critical step” that will allow his company to move quickly as other developers are also considering new construction.
“The timing is right in the market given the very favorable fundamentals of the office market in the central perimeter,” Holmes said.
Ray Gilley, the authority’s president, called it a “mega project” in terms of its economic impact.
“It is a project that we’re excited to see happen because you really don’t see that many office buildings built,” he said. “They have a strong idea that they’re going to have some client interest by the time the building is complete in 2017.”
Even with the tax discount, the development is projected to generate $25.5 million in property tax revenue over the next 20 years for DeKalb County, DeKalb schools and the city of Brookhaven, according to an analysis conducted for the authority.
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