The Development Authority of Sandy Springs unanimously approved a $2.55 million tax abatement on Wednesday, Aug. 26, clearing the way for Woodfield Development's $200 million overhaul of the North River Shopping Center on Roswell Road.

The 10-year abatement, granted at a special-called meeting, takes effect only if Woodfield closes on the 13-acre property at 8830 Roswell Road. The South Carolina-based developer has told city officials it expects to finalize the land purchase in October.

Economic Development Director Chris Burnett called the project the "first major development project in the North End in decades," Rough Draft Atlanta reported.

"It is at the gateway, really, as you come down from Roswell across the river … We believe this will be a catalyst for more things to come in," Burnett said at the Aug. 26 meeting.

What's planned

The site plan calls for 336 apartments, 85 for-sale townhomes, retail and restaurant space, and a 0.71-acre public park the city values at $6.5 million. The tax abatement applies only to the apartment complex. The townhomes are not eligible.

Construction could last up to three years, generating an estimated 700 temporary jobs. Once built, the apartments, restaurants and retail are projected to add 30 to 45 permanent positions.

The city will deed the park after construction. Recreation and Parks Director Brent Walker is working with Woodfield on its design. Woodfield will also provide 70 public parking spaces for retail patrons and park visitors.

Revenue math

Even after subtracting the abated taxes, Burnett said the city's share of property tax revenue over the next decade will reach roughly $2 million. He described that as a tenfold increase over what the city would collect if the aging strip center stayed as-is.

The shopping center is anchored by a Dollar General, surrounded by vacant storefronts and an active demolition zone.

$4.33M incentive package complete

The Aug. 26 vote completes a $4.33 million incentive package. The Sandy Springs City Council approved the other portion, approximately $1.775 million in impact and permit fee waivers, at its Aug. 18 meeting.

Development Authority Chair Chip Collins said most of the value the city receives in the first decade is the roughly $6 million park. He called the addition of a new park "a great thing."

Vice Chair Andy Bauman, a former council member, said he does not expect the primarily residential project to increase traffic noticeably along Roswell Road.

What's next

All existing tenant leases must terminate before the full site can be cleared. A separate builder, not yet announced, will construct the 85 townhomes on the property's north end. The tax abatement and land acquisition closings will happen simultaneously, expected in October.