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DECATUR, GA–DeKalb County has completed the acquisition of 4380 Memorial Drive, after leasing the 24-acre site for 25 years. The site houses key government operations including the DeKalb County Tax Commissioner’s Office and the DeKalb Voter Registration and Elections Office.
The $18,095,000 acquisition was financed through a 10-year, tax-exempt bond issued by the DeKalb Urban Redevelopment Authority.
“After renting this property for 25 years, DeKalb County now owns it and that’s a major win for our future,” said DeKalb CEO Lorraine Cochran-Johnson. “We’re looking forward to making this site work for the community as part of our long-term commitment to building economic development in DeKalb.”
Jacob Vallo, the county’s first Chief Development Officer and a longtime real estate investor in metro Atlanta, led the transaction.
“This land is a transit-oriented development site near MARTA’s Kensington station,” said Vallo. “It serves as a significant opportunity to increase the momentum of the Memorial Drive revitalization.”
To complete the purchase, the DeKalb Urban Redevelopment Authority issued an $18,270,000 bond, which was purchased by Regions Capital Advantage, Inc. (Regions Bank).
Decide DeKalb, in partnership with DeKalb County, will help in identifying a developer for a mixed-use project to support long-term growth and community impact.