.

Riverwalk Developers Withdraw Tax Break Requests

The decision came shortly before a scheduled hearing Thursday in Cobb Superior Court.

Greenstone Properties has withdrawn its request for tax breaks on the $103 million Riverwalk development in the Cumberland Community Improvement District. Credit: The Corcoran Ota Group, Inc.
Greenstone Properties has withdrawn its request for tax breaks on the $103 million Riverwalk development in the Cumberland Community Improvement District. Credit: The Corcoran Ota Group, Inc.
The developers behind a proposed $100 million development in the Cumberland Community Improvement District will no longer seek favorable tax deals from Cobb County.

Greenstone Properties, lead developers of the controversial Riverwalk project, withdrew its request for a generous bond deal and tax abatement with the county just ninety minutes before a scheduled hearing on the deal in Cobb Superior Court Thursday.

The Cobb County School District had opposed the tax breaks being offered to Riverwalk because it had no say in a decision that could have cost them millions of dollars in unrealized tax income.

The deal as proposed would have seen the Development Authority of Cobb County buy the Riverwalk site and lease it back to the developers until construction was complete in 2015.

The tax abatement would have seen Greenstone pay no property tax in 2015, ten percent of the site's property tax burden in 2016, 20 percent in 2017, and so on until the full burden was assumed in 2025.

Riverwalk is slated to contain 14 three-story townhomes, 236 condominiums, and 200,000 sq. ft. of Class A office space.
Brian January 22, 2014 at 10:22 AM
Is the project still moving forward?
Justin Ove (Editor) January 22, 2014 at 12:18 PM
Brian, I just asked Robert Quigley, Cobb's Director of Communications, about that. He said: "I think that question remains in the air." Thanks!

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »