The Redevelopment of Atlantic Steel Company

Atlantic Steel Company

Atlantic Steel Company was established in 1901 and specialized in manufacturing cotton bales and wagon wheels. The company grew gradually and started to produce galvanized steel, barbed wire, plough shears, and nails in the 1920s. In particular, the peak of its production was in the 1950s when it manufactured about 750,000 tones of steel products annually and employed 2,300 people (De Sousa and D'Souza 1). Although Atlantic Steel closed its operations in the 1990s, the three conditions that guaranteed its redevelopment are location, population growth in Atlanta, and its size.

The Transformation of Atlanta

The development of Atlantic Steel Company transformed Atlanta as it offered employment to many people. Moreover, it led to the improvement of infrastructure such as roads. The redevelopment of Atlantic Station was recognized by the Environmental Protection Agency (EPA) for remedying water, air, and land pollution. Furthermore, the project consisted of 3,000-5,000 residential units, 1,000 hotel rooms, 11 acres of public parks, and retail space (De Sousa and D'Souza 7).

The Process of Development

The process of development involved site remediation, planning, and regulatory approvals. Site remediation entailed treating the contaminated groundwater and soil, which cost the company $10 million. Although the Atlantic Steel property was zoned for being a Heavy Industrial area incompatible with its surrounding, rezoning made it one of the most environmentally friendly firms. Besides, its redevelopment plan was approved by EPA.

Financing the Project

The Georgia Redevelopment Powers Act authorized the founding of the Atlantic Station Brownfield Tax Allocation District (ASBTAD) to create financing for the new project. The Tax Increment Financing (TIF) was used to stimulate investments in the private sector, which without, it would be infeasible. The TIF significantly contributed to the success of the redevelopment project where the Atlanta City allocated approximately $170 million (De Sousa and D'Souza 11).

Success and Environmental Friendliness

To sum up, the redevelopment of the Atlantic Station was a success and environmentally friendly. The TIF played a critical role in generating the financing required to complete the project. Overall, EPA approved the planning since it not only focused on the production but also conserved the environment.

Work Cited

De Sousa, Christopher, and Lily-Ann D'Souza. "Atlantic Station, Atlanta, Georgia: A Sustainable Brownfield Revitalization Best Practice." Environmental Science and Policy, 2013, pp. 1-19.