X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DECATUR, GA-He could have received at least twice what he sold the land for, but local landowner Doug Oster preferred to keep his prime 2.5-acre tract in the city’s Downtown away from commercial development as a nature preserve, he says.

Oster sold the parcel to the city for $150,000 or $60,000 per acre ($1.36 per sf), city officials confirm to GlobeSt.com. The Glenn Creek Nature Preserve Alliance orchestrated the deal. “It’s a critical watershed that includes a forest, a creek and wildlife,” says Neil Horton, who organized the greenspace effort. “The primary goal of protecting this land is perpetuity has been accomplished.”

Decatur is five miles east of Downtown Atlanta with an estimated permanent population of 20,000. Area brokers tell GlobeSt.com the $150,000 price was “far below the appraised value.” The property is at the end of Fairview Road, just off Sycamore between the Glennwood Estates and Decatur Heights neighborhoods.The Glenn Creek Nature Preserve Alliance is comprised of “a group of concerned neighbors,” Horton says. The group raised $67,046 and donated $60,000 for the land purchase. The Georgia Community Greenspace Fund funded the balance of the acquisition.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.