Develop Fulton recently approved a bond inducement resolution for Project MAPCO, a $220 million industrial development in South Fulton led by the nation’s first Black-owned industrial development platform.
The project is led by KMT Partners, LLC. The firm is recognized as the first African American-owned commercial and industrial development platform in the country.
Plans call for 1.6 million square feet of logistics and light manufacturing space. The site covers 160 acres at Old Senoia Road and Spence Road and will include three buildings.
The facility is designed for warehousing, distribution, cold storage and light manufacturing. Developers say it will attract high-credit regional and national tenants.
Specific tenant identities remain confidential due to a non-disclosure agreement. While one anchor is described as a global company with over $50 billion in revenue, the name has not been released.
The exact start date for construction has not been specified. However, officials estimate the project will close in the third quarter.
The project is projected to have a total economic impact of approximately $2.5 billion. Leaders expect the development to create up to 2,000 jobs.
This includes 1,500 permanent positions and 500 construction jobs. The project will also significantly increase annual property tax revenues over a 10-year incentive period.
KMT Partners also reduced the building footprint by 15% to preserve stream buffers. This removed nearly 240,000 square feet of leasable space to meet community environmental priorities.
Project MAPCO stands as the first industrial development of this size led by a minority-owned commercial real estate platform in the United States. Kwanza Hall, Chairman of Develop Fulton, called it a meaningful step in expanding participation in large-scale economic development.
The project involves significant site enhancements. These include LEED-certified sustainable construction and environmental buffers ranging from 150 to 322 yards, which exceed local code requirements.
The estimated closing date for Project MAPCO is the third quarter. The project is expected to catalyze additional industrial growth within the South Fulton submarket.
Sarah-Elizabeth Langford of Develop Fulton noted that industrial projects like this provide the tax base and infrastructure needed to support future retail and entertainment amenities in the area.
