ATLANTA - Atlanta's Gulch project, which faced controversies, criticisms and changes leading up to a postponed vote by the Atlanta City Council, has now been finalized.
Wednesday, Mayor Keisha Lance Bottoms signed the legislation which will lead to a multi-billion-dollar redevelopment of a portion of downtown Atlanta. The City Council voted in favor of the project on Nov. 7 with a vote of 8-6.
“The Gulch redevelopment deal, the largest in state history, charts a new course for how city development is optimized for public good," Mayor Bottoms said. "As I sign this historic legislation into law – joined by members of City Council – we also inscribe affordable housing, workforce training, minority and female-owned business participation, and public safety investments into our city’s future.”
The development covers unused acreage across Mercedes-Benz Stadium. There would be new offices, retail, restaurants, and housing.
The proposal has been redesigned several times after pushback from critics who complain the price tag is too high and public benefits too low – with hundreds on both sides showing up at City Council meetings to debate how the development would change their city.
Under the new arrangement, bond financing would drop by about $585 million.
And the developer, CIM Group, would face more financial responsibility for the project.