Old Constitution building’s housing deal nears deadline as committee backs more time

The affordable-housing deal for Atlanta’s former Constitution newspaper building is approaching a deadline: Invest Atlanta’s property option is scheduled to expire Nov. 16, according to the proposed ordinance. The Finance/Executive Committee voted 5–0 on Nov. 10 to recommend authorizing an extension through June 30, 2027.⁠[1][2][3]

The reason for more time, according to the substituted ordinance: developer Gorman & Company needs approvals from the U.S. Department of Housing and Urban Development. The developer anticipates obtaining those before June 30, 2027.⁠[2]

The site at 143 Alabama Street SW is the project Invest Atlanta named Folio House in June 2025. Its announcement called for 50 affordable apartments in the existing building and a new 151-unit affordable building on surrounding land.⁠[1][3]

The substitute says Gorman completed certain exterior renovations tied to the 2026 FIFA World Cup. It describes the housing redevelopment phases as renovation of the existing building, Phase 1B, and construction of a new building, Phase 2. The records reviewed do not establish current apartment-construction progress or an opening date.⁠[2]

As we reported in our earlier account of the proposal, the measure would expressly allow Invest Atlanta’s option on the city property to cover a purchase, lease or ground lease, with separate option exercises for the two redevelopment phases. The substitute also explicitly authorizes reinstating the option, not just amending it.⁠[2]

The June 2027 extension would require documentation satisfactory to the mayor or a designee showing the developer’s intention and ability to proceed. Further reasonable extensions could be granted with supporting transaction documentation, without another Council authorization solely for more time. The 2022 ordinance already allowed mayoral extensions tied to a third-party purchase; extending the option is not an entirely new power.⁠[2][4]

Adoption would not itself convey the property or waive closing conditions. Net proceeds received by Invest Atlanta from a sale, lease or ground lease would go to the city after applicable closing costs and fees, with city utility and access easements protected as applicable.⁠[2]

The committee’s draft minutes list Nov. 16 at 1 p.m. as the measure’s next checkpoint. A final City Council vote and an executed option extension are not established in the records reviewed.⁠[3]