Georgia Tech secures tax breaks for its Technology Enterprise Park
The Atlanta Business Chronicle reports that the first phase of a growing biosciences campus at Georgia Institute of Technology just received $29.4 million in tax breaks.
Technology Enterprise Park (TEP), a campus spearheaded by Georgia Tech and developed by Trammell Crow Co., is intended to mimic the success of Technology Square, an innovation district in Midtown that drives economic development for the city. TEP also addresses a dearth of lab space in Atlanta, something that is not limited to the capital city of the Peachtree State.
The first phase of the project will include 365,000 square feet of laboratory and office space as well as 280 apartments with 10 percent reserved for affordable housing. Those units are set to be built over the next eight years. When fully developed and based on today’s costs, the project will represent about a $650 million investment.