MARIETTA, GA-Atlanta developers Marty Littleton and Wes Godwin, whose near Downtown redevelopment shelter projects are already under way, have requested and received financial incentives totaling $1.06 million from the City of Marietta. Littleton received $660,000; Godwin, $400,000.
What makes the subsidy deals a little unusual at this time is that most developer incentive packages are generally arranged before the projects break ground, area construction and city insider sources tell GlobeSt.com.
However, elected city officials are confident their $1.06-million incentives package for the 17 redeveloped duplexes that Littleton and partner Gary Mills are working on near Fraser Circle and the 32-unit condominium community Godwin is putting up will provide the city with new and increased property taxes over the years, area brokers who attend regular city council meetings tell GlobeSt.com.
The Littleton-Mills' for-sale duplexes will start at $160,000 for two bedrooms and two baths in 1,090 sf of living area. Nearby, Marietta is selling an 8.2-acre block of 27 rundown apartments and houses to Hedgewood Properties, a Cumming-based developer with a proven track of rebuilding orphaned neighborhoods into vibrant communities, according to city officials.
The city's deal with Hedgewood evolved after Littleton assembled the 8.2-acre package and sold the land to the city for $5 million or $625,000 per acre ($14.34 per sf), as GlobeSt.com previously reported. As an incentive for Hedgewood, the city has dropped the land price to $1.2 million or $150,000 per acre ($3.44 per sf).
The city expect to recoup its money from higher property taxes, once Hedgewood's $22-million condominium redevelopment is completed, according to city staffers.
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