Georgia-Pacific plans major expansion in Downtown Atlanta
Georgia-Pacific, the giant paper and consumer products company, plans to expand its Atlanta corporate hub, adding hundreds of jobs at its namesake Downtown Atlanta tower.
At a meeting of Invest Atlanta, the city’s economic development arm, officials said they would likely add 600 jobs Downtown over several years. The jobs are expected to pay $100,000 a year on average.
The project will also involve renovations to 133 Peachtree Street, GP’s stair-stepped skyscraper, one of the city’s most prominent.
The company went before Invest Atlanta on Thursday for incentives to aid in the approximately $150 million overhaul of 23 floors of the tower. The city approved a lease-purchase agreement that will impart property tax savings of $7.2 million over 10 years, according to Invest Atlanta documents.
The city will see an increase in annual property tax collections of $1.2 million per year, while Fulton County is projected to see its revenue increase by $1.7 million.
The renovation will create more usable office space within the tower and improve energy efficiency, among other things.