This first project, by Northyards Partners, will feature a conversion of the historic roundhouse, according to National Historic Register standards, and existing warehouses into 275,000 sf of office space. The space will include high-tech offices, telecom switching and call center operations. The going rental rate in the area is $16 to $18 per sf.

Construction and renovation will begin immediately after the deal closes and is scheduled to be completed in the spring of 2001. In addition to office space, the project will include on-site job training and day-care centers. Northyards will create more than750 jobs.

Northyards Business Park is owned by Northyards Business Park, LLC, a partnership of Centennial Olympic Park Area Inc., Antioch Urban Ministries and the Atlanta Development Authority. When all of the Northyards project is completed, it will create 3,000 jobs.