Develop Fulton's Board of Directors has approved a bond inducement resolution supporting Project GuildHouse, a proposed $107.6 million mixed-use development planned for a long-vacant stretch of Marietta Boulevard in Atlanta. The approval marks an early but significant step toward turning the underused industrial-area property into housing, retail, and co-working space.
According to einpresswire.com, GuildHouse is planned for 2085 Marietta Boulevard and would include approximately 310 multifamily residences, 39 rental townhomes, and 7,200 square feet of retail and co-working space. The same report describes the project as representing roughly $107.6 million in capital investment, with the development expected to transform a long-vacant and underutilized property into a new residential and commercial community.
Separately, Urbanize Atlanta has reported a different unit count, describing 354 apartments ranging from 550 to 1,350 square feet alongside a parking deck. The discrepancy between the two apartment figures has not been resolved, and both numbers are presented here as reported by their respective sources.
Townhomes, Amenities, and a Bolton Neighborhood Site
Urbanize Atlanta's account describes 39 build-to-rent townhomes, each standing three stories with three bedrooms and two-car garages. That outlet also reports that the mixed-use venture would rise on a 6.68-acre assemblage of three properties in Atlanta's Bolton neighborhood, with planned amenities including a saltwater pool, coffee bar, sky lounge, pet spa, and two courtyards.
The three GuildHouse parcels sold for $13.05 million in 2023, per the same outlet's reporting. Urbanize Atlanta also notes that the surrounding Upper Westside area has evolved in recent years from an industrial zone into a brewery and loft-office district with a wave of new housing, pointing to nearby residential developments such as Broadstone Upper Westside, Altus at the Quarter, and BRYKS Upper Westside.
Workforce Housing and Community Investment Commitments
Under the plan described by einpresswire.com, 15 percent of every residential unit type will be designated as workforce housing for households earning up to 80 percent of Area Median Income. The development is also expected to deliver more than $12.4 million in direct community investments, including environmental remediation, infrastructure improvements, enhanced public spaces featuring a public art program, a $1 million pocket park, other community amenities, and connectivity improvements benefiting the surrounding area.
Develop Fulton Chairman Kwanza Hall said the development contributes to the surrounding community and strengthens Fulton County's long-term economic vitality. Hall added that the project pairs private investment with commitments to infrastructure, environmental remediation, public spaces and neighborhood connectivity.
Jobs, Economic Impact, and Timeline
Project GuildHouse is expected to support approximately 623 jobs, including 23 permanent full-time positions and approximately 600 temporary construction jobs over an anticipated two-year construction period, according to the press release. The project is also projected to generate an overall economic impact of approximately $419 million, though a full breakdown of that figure was not provided.
GuildHouse is anticipated to close in the fourth quarter of this year, according to project leaders cited in the release. Develop Fulton's approval represents an initial step in the incentive process, with the project still advancing toward closing and construction.
Land-Use Changes and a Comparable Fulton County Deal
City of Atlanta public notices show that the properties at 2051, 2085, and 2095 Marietta Boulevard NW were the subject of a land-use change from the Industrial (I) designation to Mixed Use Medium Density (MU-MD), clearing a path for residential and commercial development. A separate city notice describes 2095 and 2085 Marietta Boulevard as one parcel totaling 4.82 acres.
Develop Fulton has backed similar projects elsewhere in the county. The board also approved a bond resolution for an approximately $76.76 million mixed-use development at Woodrow Street SW, known as 840 Woodrow, which Connect CRE reports will bring 326 new mixed-income residential units and commercial space to the area. That project sets 20 percent of its units aside as affordable, with 5 percent of those reserved for individuals using tenant-based vouchers, and is projected to create more than 500 construction jobs and more than 40 permanent jobs.
Develop Fulton is the development authority of Fulton County, working to advance economic development across the county by supporting business investment, job creation and retention, and projects that strengthen the county's economic competitiveness and tax base. GuildHouse's bond inducement is described as an early step, with its financing, construction start, and final approvals still to be determined.
