A New Opportunity for Midtown?

A new state designation could help prime Midtown for redevelopment, especially along West Peachtree and Spring streets.

Last week, the Georgia Department of Community Affairs approved an application to designate a portion of Midtown as an "Opportunity Zone" in order to promote job creation in the area. The Atlanta Development Authority worked with the city's Department of Planning and Community Development to submit the application.

The Opportunity Zone program is a state redevelopment tool that gives new or existing companies located within its boundaries increased incentives and benefits for job creation. Employers who create two or more jobs in a year receive $3,500 per job per year for five years -- a total of $17,500 for every new job created.

The program only is available for areas that are within or adjacent to a census block group with more than 15% poverty, and where an enterprise zone or urban redevelopment plan exists.

“This is the type of program that gives Georgia a competitive advantage over other cities,” Brian McGowan, president and CEO for the Atlanta Development Authority, said in a release. “It will create jobs and make Atlanta more competitive as we seek to grow our economy by attracting new employers and growing our existing businesses. It’s just the kind of tool we need in these tough economic times to get people back to work and stimulate economic activity.”

The Midtown Opportunity Zone spans the area between the Connector (I-75/85) and West Peachtree Street, bounded on the north by the Spring/Buford Highway Connector and running south to North Avenue.

"This is a valuable job-creation tool that comes at a great time," Kevin Green, president of the Midtown Alliance, said in a release. "The Opportunity Zone covers a portion of Midtown that is centrally located, highly accessible and primed for greater business and job creation."

Find out more about the Opportunity Zone program online.