Atlanta May Get Its Way On A Prime Piece Of Beltline Property
Posted by Knox Bardeen on 08/9/07 in The Beltline
Last September, we spoke a bit about the Gwinnett County developer, Wayne Mason, who took his ball (a 70 acre piece of proposed Beltline property) and went home. Well, Beltline officials announced, Tuesday, that a portion of that property may be sold to an investment team and developers to further advance the Beltline project.
If the deal closes, it would give Atlanta city officials complete control over this property in regards to how it’s developed. There haven’t been a lot of clues as to the details of the deal, but here’s a small segment of what was released earlier this week.
The question of how much development will be allowed won’t be answered until a master plan is finished in about a year, Montague said. Here are some details she did release:
• The city’s share would be less than $25 million, what Mason paid for the out-of-service railroad corridor.
• The city would borrow the money from banks and private investors and repay the loans with property taxes collected in a special tax district created to generate more than $1.6 billion for the Beltline over 25 years.
• The city would get to select and own the route of a proposed transit line and a trail.
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