A new mixed-use luxury housing project near Truist Park is under consideration for tax breaks after split approval from the Development Authority of Cobb County last month.
The Henry, a two-building luxury housing, hotel and retail development named for Atlanta Braves baseball legend Hank Aaron, was advertised on the social media site LinkedIn as a partnership between Goldenrod Companies, SK Commercial Realty and the Braves Development Company.
But the Braves’ development arm was not involved in the November presentation to the development authority, despite currently owning part of the land, according to property tax records, and publicly partnering on the project. The bond request documents also did not include details of the Braves’ involvement in the project.
That’s significant because the Braves leadership team had previously stated — to county officials and the public — that they would not seek tax incentives for their mixed-use developments in exchange for nearly $300 million in public subsidy toward stadium construction.
Because the Braves own The Battery, the club’s owners stand to benefit financially from a hotel and housing project that could bring more customers to its restaurant and retail tenants there.
Representatives for Goldenrod Companies told the authority they plan to purchase the Braves’ portion of the land, board member J.C. Bradbury said.
“It was not presented as a joint project at all,” Bradbury said.
The Atlanta Braves spokesperson, Beth Marshall, did not respond to multiple requests for comment, or to questions about the Braves’ involvement.
Bradbury said he feels misled by the developers because they did not disclose any partnership with the team.
“The representatives speaking before the DACC were not completely forthright in their presentation,” he said. “The explicit partnership with [the Atlanta Braves] should have been acknowledged.”
Earlier this year, the Braves Development Company and Truist Financial petitioned the development authority to provide tax breaks for an office building, owned by the Braves to be leased to Truist.
The deal faced scrutiny, in part due to the Braves’ involvement and the prior commitment to not seek incentives for projects around the stadium. After the development authority board agreed to consider it, the request was withdrawn without explanation by the applicants — the Braves and Truist.
Goldenrod Companies is seeking tax breaks on a $160 million portion of the cost, only for the hotel and retail elements, according to Zac Marquess, the company’s director of investments.
The development authority won’t know how much the tax incentives will be worth until evaluating the results of a fiscal study, which will be conducted to determine the estimated economic impact of the deal prior to final approval.
Marquess said in a statement that the project will bring 350 full-time jobs to the area “while creating a landmark icon that all of Cobb County and Atlanta can be proud of.” He did not respond to emailed questions about the Braves’ involvement.
The development will have retail shops, hotel rooms and apartment units located off of Circle 75 Parkway right behind Truist Park, with a pedestrian bridge connecting the property to the stadium. Construction is expected to begin in early 2023.
The authority agreed to formally continue talks on the project by a 4-3 vote, with members Bradbury, Karen Hallacy and Jamala McFadden opposed. A final vote is expected early next year.
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