Mayor Kasim Reed and New City Properties Break Ground on 725 Ponce
Mayor’s Office of Communications
55 Trinity Avenue, Suite 2500 • Atlanta, Georgia 30303
Jewanna Gaither, Deputy Press Secretary
Thế giới cáFOR IMMEDIATE RELEASE: December 14, 2016
Thế giới cáNews Release
Thế giới cáMayor Kasim Reed and New City Properties Break Ground on 725 Ponce
New development will yield more than 3,500 jobs and a total economic impact of $268 million
ATLANTA – Mayor Kasim Reed joined New City Properties Founder and President Jim Irwin and Atlanta BeltLine Inc. President and Chief Executive Officer Paul Morris for the demolition of the former Kroger grocery store on Ponce de Leon Avenue and the groundbreaking of the new 725 Ponce development today. The new $188 million property,
“We are proud to break ground on 725 Ponce, a development which promises to have a valuable and significant impact on the quality of life in this thriving neighborhood,” said Mayor Reed. “This new development will bring more than 2,000 construction jobs and approximately 1,550 permanent office and retail jobs, welcoming a new, diverse population who can enjoy all
Atlanta development firm New City Properties and The Kroger Co. reached an agreement to close the Kroger store in October 2016, following New City’s purchase of the last 5.5 acres of land needed to build the development. The property is expected to yield an estimated total economic development impact of $268 million.
New City was founded by Jim Irwin, who previously served as a Senior Vice President at Jamestown Properties and led the redevelopment of Ponce City Market.
“The 725 Ponce project is the largest investment in new construction on the Atlanta BeltLine to date and would not have happened without the vision of Mayor Kasim Reed,” said Jim Irwin, Founder and President of New City Properties. “I am incredibly grateful for his support and leadership."
In 2011, the City of Atlanta sold the former City Hall East to Jamestown Properties for $27 million. Jamestown Properties invested more than $300 million into the two
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