ATLANTA-In one of the biggest land deals this year, city officials have agreed to pay Fulton County $25 million, or $182,482 per acre ($4.19 per sf), for a 137-acre quarry on Atlanta's northwest side that is leased and operated by Vulcan Materials Co. of Birmingham, AL.
Fulton County is expected to vote on the city's offer in February, sources in a position to know tell GlobeSt.com. The offer is for Vulcan's lease and the property.
Meanwhile, the city is negotiating with nearby property owners to assemble a minimum 350 acres to add to the 137-acre site for a public park and drinking water reservoir. If done, the quarry acquisition would be first big deal completed under the proposed $2.3-billion, 22-mile Beltline redevelopment project.
The $25 million would come from near-future funds generated by the recently approved Beltline tax allocation district, brokerage and marketing sources familiar with the Beltline venture tell GlobeSt.com. The park would be called Westside Park.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.