Atlanta is gearing up for a wave of new development projects set to reshape the city’s skyline. The Forge Atlanta, a massive mixed-use project near Castleberry Hill, is taking shape as one of the city’s most ambitious new developments. The Develop Fulton Board has given the project the green light, approving a major tax incentive.
Forge Atlanta Project Gets a Multi-Million Dollar Tax Incentive
Atlanta’s downtown is set for transformation with The Forge Atlanta, a flagship mixed-use development combining housing, hotels, retail, and entertainment. The project is led by Forge Asset Management, LLC, with Webstar Technology Group as the majority owner. Phase 1 has secured $756 million in funding, including a $223.7 million tax incentive.
The Develop Fulton Board approved the incentive, calling the project a landmark investment in the city’s growth. The project is expected to create jobs, generate revenue, and drive long-term economic growth.
Details of the Multi-Phase Mixed-Use Development
Phase 1 spans 10 acres of underutilized land in downtown Atlanta. The high-rise development will feature roughly 300 hotel rooms along with dedicated event and meeting spaces. It will also include a 60,500-square-foot retail and entertainment space.
The approved incentive does not cover the condominium portion of Phase 1. This part of the project is worth $532 million and will be subject to standard tax assessments. It is expected to be completed by mid-2026 and holds plans to add housing, office, and retail space. It will also include public areas designed to foster high connectivity and a sense of place.
Expectation from the Forge Atlanta Project
The project is based on the comprehensive models created by Ernst & Young. The project is projected to generate a total economic impact of $7.37 billion. Annual tax revenues are expected to rise from $14,585 to $1.8 million upon completion.
It means that over a 10-year incentive period, Forge Atlanta is estimated to generate $25 million in tax revenue. These projections are based on the $223.7 million tax incentive, meaning the total impact could be even greater
Apart from tax revenue, Forge Atlanta also brings numerous jobs to downtown. Phase 1 of the project is estimated to create 3,000 jobs, including 2,100 temporary and 900 full-time jobs.
These figures will change the face of Fulton County as well as of Atlanta. The project has already generated enthusiasm among Develop Fulton Board members, who see it as a catalyst for downtown growth.
