athenahealth in growth mode in Atlanta

Local reports say 700 jobs expected in new complex

Cloud-based EHR company athenahealth will bring about 700 jobs to Midtown Atlanta, according to local news reports. The Atlanta Business Chronicle reports that athenahealth will invest up to $10 million and lease up to 60,000 square feet, with a plan to expand to 120,000 square feet, in the Ponce City Market complex.

Jamestown Properties is developing the Ponce City Market, as a shopping, dining, housing and office space, rehabilitating and restoring historic properties.

According to its website, Ponce City Market will restore 1.1 million square feet of the historic Sears, Roebuck & Company building, "creating a vibrant urban centerpiece that combines 300,000 square feet of retail and restaurants, 450,000 square feet of office space and 260 residential units."

The development will incorporate a pedestrian network, city parks and access to new BeltLine trails, linking intown neighborhoods. Ponce City Market is one of several areas in Atlanta that has been approved for the Georgia Opportunity Zone. This means that companies (both retail and office) will be eligible for an income tax credit of $3,500 for each new job they create over two employees according to information on the website.

There's been no official announcement from athenahealth or Ponce City Market.

athenahealth, seems to be experiencing a growth spurt. The company announced last December it would pay $168.5 million to Harvard University to acquire an 11-building campus known as the "Arsenal on the Charles."

[See also: Athenahealth inks $169M real estate deal with Harvard University.]

Business has been booming for publically traded athenahealth, with stock closing at $93.79 on February 28.

Besides expanding its work space, athenahealth has also been acquiring companies – HDS and Epocrates, most recently – and releasing new products. On February 28, the company announced athenaClarity, a new cloud-based analytics service for medical groups and health systems to improve visibility into and management over the complex data that exists across caregiver networks and patient populations.

[See also: Epocrates seen as boon for athenahealth.]