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ATLANTA-Trammell Crow Residential’s planned $250-million, 750-unit condominium community near 10th Street and Monroe Drive in Midtown may be smaller when final blueprints are approved, a Trammell Crow Residential representative tells GlobeSt.com.

Stung by criticism from Beltline area residents on the proposed 39-story height of two towers near Piedmont Park in northeast Atlanta project, company officials are reviewing plans they have filed with the city’s zoning commission. Those plans could reduce not only the height of the two towers but also the number of homes and the original estimated development cost, the company’s representative tells GlobeSt.com. The initial projected price of the condos was $300,000 to $1 million-plus.

Meanwhile, Michael McGwier, executive managing director for Trammell Crow Residential’s Southeast division, has retained the Preston Partnership of Atlanta as the project’s architect of record. Preston also designed the company’s Ovation condominium community in the Buckhead submarket.

Opposition from residents’ groups in the Beltline sector comes as Beltline advocates prepare to ask local government groups to create a special tax district for the estimated $2.7-billion project along the 22-miles of railroad land parcels that loop around intown neighborhoods, sources intimate with the Beltline project tell GlobeSt.com.

The Atlanta City Council, Atlanta Board of Education and the Fulton County Board of Commissioners will be reviewing the tax district request, probably in November, knowledgeable sources tell GlobeSt.com. Meanwhile, the Atlanta Development Authority has completed a suggested master plan for the Beltline redevelopment.

The 86-page study projects the redevelopment will take 25 years to complete and would be funded largely by a proposed special tax allocation district. Local, state and federal funds would also help pay for the project. The Development Authority’s report has been forwarded to the city council, the city’s school board and the Fulton County Commission, sources familiar with the project and its progress tell GlobeSt.com.

The decision to set up a special tax allocation district has to be unanimous among the groups. The Development Authority would issue bonds that would be repaid from future property tax revenue generated by new commercial and residential developments in the Beltline district.

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