Cobb will grant about $1.3 million in economic incentives to thyssenkrupp/BRED Inc. to build the tallest tower of its kind in the U.S. near The Battery Atlanta and SunTrust Park to test new kinds of elevators. Courtesy of Cobb County

Cobb confirms incentives for elevator tower

Cobb County economic incentives of around $1.3 million were granted Sept. 25 by a 5-0 vote of the Cobb County Board of Commissioners for Cobb’s tallest tower.

To be built by thyssenkrupp/BRED Inc. at Circle 75 Parkway near The Battery Atlanta and SunTrust Park, those county savings for the companies will be:

  • office building permit cap fee - $595,000
  • elevator tower building permit cap fee - $601,000
  • annex building permit fees - $4,375
  • water system incentive - $100,000 for the office building and $16,000 for the elevator tower

The project will create an estimated 863 jobs which exceeds the minimum number of 25 jobs required.

The estimated economic impact is $2.75 million during the 10-year incentive period, exceeding the minimum required amount of $250,000.

A German-based business that makes and sells elevators, thyssenkrupp will relocate its headquarters and emerging technologies business of Thyssenkrupp Elevators Americas to an approximately $130 million, 290,000 square-foot office building to be constructed by BRED (Braves Development Company) and an approximately $101 million, 420-foot-tall, state-of-the-art elevator qualification and test tower to be completed by 2021.

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