TAD development falls into foreclosure
Renaissance Walk is the first Atlanta TAD project to slip into foreclosure
Well, now we know that simply getting tax allocation district funding doesn’t guarantee a project’s success.
Renaissance Walk, a 161-unit condo complex located smack-dab in the Auburn Avenue historic district, went belly up last week after lenders rejected a restructuring plan.
The 27,000-square-foot development was one of seven projects in the Eastside TAD that was approved in 2005. The product of a partnership between the Integral Group and Big Bethel AME Church, Renaissance Walk cost $48.5 million to build and received $4 million in TAD funding.