Under the arrangement, Portman Holdings will lease the property from the city’s development authority during construction and make payments as the bonds are repaid. Invest Atlanta will retain title to the property until the debt is paid off.

The 11-acre site, at the edge of the Virginia-Highland and Morningside neighborhoods, previously held offices, retail and other commercial space. Portman’s current plans call for 1,100 rental homes, 1,435 parking spaces and 150,000 square feet of commercial space, along with affordable housing. The site is near Piedmont Park.

The bond approval follows a separate $15 million allocation from the Beltline Tax Allocation District approved in September to help pay for infrastructure and the project’s first 539 multifamily units. That public support prompted debate over how the project’s benefits compare with the public investment.

Supporters say the redevelopment could strengthen the neighborhood. Opponents have warned it could add to congestion on Monroe Drive, which is undergoing a road-safety project that includes a road diet. Atlanta school board member Ken Zeff has questioned whether nearly $15 million in tax incentives is the best use of public resources, arguing that substantial incentives should come with a clear public benefit.

Invest Atlanta’s approval clears the bond financing structure for the project, but the concerns over traffic and public incentives remain part of the broader discussion about Amsterdam Walk’s impact on nearby residents.