An incentive of $385,000 was granted by the Kennesaw City Council on May 20 for the redevelopment of the 13-acre Kennesaw Crossing Shopping Center.
Kennesaw JLV, II, LLC, the master developer for this redevelopment, requested economic incentive assistance “due to significant project economic challenges preventing the project (from) moving forward.”
The $385,000 amounts to the partial abatement of plan review, building permit and trade permit fees for the Kennesaw Crossing project on the southwest corner at Cobb Parkway and North Roberts Road.
A master plan developed by the Kennesaw JLV, II, LLC is for a mixed-use project that includes multifamily residential, retail, office condo and a hotel.
Kennesaw JLV, II, LLC obtained their zoning entitlements in 2018 when they identified the need for economic incentives due to significant cost challenges associated with property acquisition, tenant lease buy-out, abatement and demolition of buildings and transportation improvements.
After the entitlement process, Kennesaw JLV, II, LLC finalized the purchase and tenant lease buy-out agreement and secured Newport Development Partners as the multifamily developer on eight acres of the 13-acre site.
The city’s Economic Development staff completed an internal cost/benefit analysis and engaged Georgia Tech to complete a Fiscal Impact Analysis.
Based on this information, Kennesaw JLV, II, LLC submitted an application for economic incentive assistance.
After the city’s Economic Development Committee met and reviewed all of the project information and the Economic Development staff summary/analysis, the committee recommended the $385,000 in permit fee abatement to help the project move forward.
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