I took this photo of the streetcar tracks on Edgewood Avenue a couple of days ago. It’s exciting to see this visible progress taking shape.
And today, we have news of economic progress in the area with the eastern part of the streetcar route, which includes the portion in this photo, being designated an Opportunity Zone, as reported by the AJC.
Per the article, here’s what the designation provides:
state tax incentives for businesses that expand in the zone, with credits of $3,500 per job available for the creation of as few as two net new jobs. The credits are available to both small and big businesses.
It sounds like something that could definitely help to ensure that this streetcar investment reaches it’s potential for bringing growth to the route. I’m particularly glad to see the state getting involved.
The article points out that this Opportunity Zone project has had a couple of significant successes recently in the metro:
General Motors is converting a former UPS property into an information technology research facility in a Roswell zone, where it will employ about 1,000 people. Athenahealth, a health care IT firm…is negotiating for space in Ponce City Market…which is also in an Opportunity Zone.
I’m encouraged! We might actually end up doing this streetcar-based revitalization thing the right way.
Lots of great info on the streetcar project, including maps (which I love, because I’m a geek) are online now: Atlanta Streetcar Development & Investment Guide