The trust already has contracts on two tracts. One is the 4.5-acre tract off North Avenue. The trust is buying that dirt from individual local landowners for a total $4.4 million or a premium $977,777 per acre ($22.45 per sf). The trust also has contracted to buy 4.2 acres in Grant Park near the Glenwood Park neighborhood. That parcel will cost the trust $3.6 million or $857,143 per acre ($19.68 per sf).
Area brokers tell GlobeSt.com the trust anticipates the City of Atlanta will create a special tax district to eventually buy its acquired land. The city council is scheduled to vote on the controversial tax district issue Oct. 17.The trust doesn't develop or invest in properties but only buys land to keep it from being purchased by commercial developers, area brokers familiar with the trust's activities tell GlobeSt.com.
The trust's planned North Avenue park would be larger than the 37-acre Adams Park in southwest Atlanta and the 21-acre Centennial Olympic Park Downtown. The proposed Beltline redevelopment would loop through several neighborhoods, from Peachtree Hills on the Northside to Peoplestown on the Southside, as GlobeSt.com previously reported.
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