THE FAIRFIELD AT GRANT PARK PROJECT OVERVIEW

EB-5 Projects

PROJECT OVERVIEW

The Fairfield at Grant Park Project is a residential complex orienting to multi-family in Atlanta, Georgia. According to the EB-5 capital, it is estimated that over 49,000,000 US dollars has been invested in this project. The developing apartment of Fulton County supported this project by decreasing the tax on immovables within 10 years to developers of the project. Fairfield at Grant Park is going to be developed based on the transaction of “Bonds” when property tax is projected  to decrease within a period of 10 years. This reduction will begin in the following year followed by the first ownership certificate. The present value of tax deduction is 3,100,000 US dollars. If there is need of cutting down on the real estate taxes, Fulton County will hold the ownership of the property and lease the properties in Fairfield. The real estate will be frozen at current appraisal (1,400,000 US dollars) until the first ownership certificate is received. The development specialist of Fulton County admitted that in the past, the lack of motivation in development/ redevelopment had led to the general decline in developing new economic in this area. The administration predicted that the Fairfield at Grant Park Project will improve the situation in this area, in addition, the community purpose is to stimulate development, commerce, industry, and supply more job opportunities in the state of Georgia.

Project Details

The project information ( approximate value)

  • Total EB-5 loan: 16.5 million US dollars
  • Total estimated cost: 74.4 million US dollars
  • Total initially estimated job creation : 872 jobs
  • Total back-up job creations : 164%

Situated in the east of the heart of Atlanta central business on Martin Luther King Jr. Drive and Hill Street, the Fairfield at Grant Park is considered as a part of Memorial Drive in Atlanta city. Locating near the MARTA railway and in two Atlanta Beltlined Interstate 85, Fairfield at Grant Park is a residential complex orienting to multi-family having 4 floors and 583 parking lots. Locating in Atlanta, this project can easily approach local laborers and road axes. Fairfield at Grand Park will provide the Atlanta residents with a new choice along with those typical block of apartments – including 17 studio apartments, 192 one-bedroom apartments, and 115 two-bedroom apartments. The total average size is 82.6 square meters. 

  

The project is going to be built within 28 months. After completing, the facility of the project includes 1 office for lease, fitness center, swimming pool, waiting area with LCD TV which in community’s range of in control connection. Other facilities include carpet and laminated wood in bedroom and living room, high qualified vinyl plastic in kitchen, entrance, utilities and bathroom area, stainless steel houseware (frost-free fridge, oven/ stove, microwave with lid and dishwasher), washing machines and dryers, cabinets with wooden frame on melamine box with upgraded hardware, kitchen and bathroom  is covered with granite or solid surface, separated dressing room and bookcase.

Project progress

  • Starting developing activities and pre-construction
  • Starting vertical construction in the second quarter of 2016
  • Predicting to complete construction in the third quarter of 2018

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