Trammell Crow to Build $750M Sciences Expansion at Georgia Tech
By Greg Cornfield January 27, 2022 4:30 pm
reprints
A new biosciences and health innovation development from Trammell Crow Company is on its way at the Georgia Institute of Technology.
The Atlanta Business Chronicle reported the Development Authority of Fulton County this week unanimously approved a $647.5 million revenue bond to help finance the expansion plan at Technology Enterprise Park.
Tramell Crow will develop a phase of the estimated $750 million plan and build 365,000 square feet of life sciences lab and office space, as well as 280 apartments. The long-term expansion at Georgia Tech’s campus could reach 2.2 million square feet by 2030.
Rent for at least 28 of the multifamily units will be designated for low-income workers per Atlanta’s inclusionary zoning laws. The rest will be market rate.
Demand for new life sciences space is outpacing supply throughout the country, and quickly establishing the life sciences sector as one of the top alternative asset classes for investors. The expansion at Georgia Tech adds to a few other projects in Atlanta’s budding life sciences development pipeline, including the proposed 10-acre, 5 million-square-foot Forge Atlanta project.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
