Old Constitution building’s housing deal could get more time—and a lease option

Atlanta could lease rather than sell its former Constitution newspaper building to Invest Atlanta under a proposal that would also authorize more time for the affordable-housing redevelopment at 143 Alabama Street SW.⁠[1][2]

Councilmember Jason Dozier’s Ordinance 26-O-1631 would expressly allow Invest Atlanta’s option to cover a purchase, lease or ground lease of the city-owned building and any interests the city holds or later acquires in adjacent parcels. It would also permit the option to be exercised separately for Phase 1B and Phase 2.⁠[1]

The proposed extension would run through June 30, 2027, provided the mayor or a designee receives satisfactory evidence of the developer’s intention and ability to proceed. Further “reasonable extensions” could be approved without another Council authorization solely for more time, supported by a satisfactory letter of intent or other transaction documentation.⁠[1]

That is not a brand-new power to extend the deal. The original ordinance, adopted Sept. 6, 2022, already let the mayor extend the option on satisfactory evidence that a third party had agreed to purchase the property from Invest Atlanta. It also contemplated Invest Atlanta selling or leasing the property onward. The amendment would expressly add leasing to the city-to-Invest Atlanta option and permit separate phase transactions.⁠[1][3]

Nor is this the project’s launch. Invest Atlanta announced June 6, 2025, that renovation was underway with Gorman & Company, calling the redevelopment Folio House. Its announced plan combined affordable apartments and commercial space in the historic building with a later affordable-housing building on surrounding land. Current construction progress is not established in the records reviewed.⁠[2]

The amendment would direct net proceeds received by Invest Atlanta back to the city after applicable closing costs and fees, while retaining city utility and access easements as applicable. It would ratify the May 16, 2025, option agreement—but expressly says it would not itself convey a property interest or waive closing conditions.⁠[1]

Council referred the measure without objection Nov. 2. The Nov. 10 committee agendas scheduled Community Development/Human Services consideration at noon and Finance/Executive at 2:30 p.m., with Finance consideration contingent on a Community Development recommendation. Committee outcomes and a final Council vote were not established in the records reviewed.⁠[1][4][5]