STONECREST, GA–– Chairwoman Jazzmin Cobble, of the Urban Redevelopment Agency of the City of Stonecrest, Georgia (URA), announced that the URA successfully acquired the REAL property located at 3120 Stonecrest Boulevard, Stonecrest Georgia from Stonecrest Center LLC.
The property is home to Stonecrest’s City Hall and several existing tenants, including Strayer University.
The transaction was financed by the URA’s issuance of $6,050,000 in original aggregate principal amount of its Revenue Bond (City of Stonecrest Project), Series 2022A and its Revenue Bond (City of Stonecrest Project), Federally Taxable Series 2022B (collectively the “Bonds”). The bond issuance and real estate transaction both closed on October 31, 2022.
“The closure of this transaction marks a new beginning for the City of Stonecrest,” said Chairwoman Jazzmin Cobble. “As we continue to move Stonecrest forward, the acquisition of this property places the City in a great position to ensure the current and future well-being of our community.”
Stonecrest officials are still discussing plans to create an ideal ‘town center’ location despite the purchase of the property.
“We are committed to reviewing all options that will allow the city to build upon the community’s desire to create a sense of place within Stonecrest,” added Chairwoman Cobble. “Until those plans are finalized, the purchase of this site will give the URA the advantage of owning an asset that will appreciate in value while generating significant cost-savings.”
The 54,000 square foot building was originally listed at the asking price of $6.5 million. URA officials purchased the building for $5.8 million, or roughly $108 per square foot.
To build a Class A, multi-story, office building in 2022 averages $500 per square foot, which brings the URA’s purchase to about one-fifth of that price.
“I want to recognize the URA members for their vision and contributions, which ensured the success of this purchase,” said Chairwoman Cobble. “This was truly a collaborative effort; therefore, I must thank the City’s staff, attorneys and partners who also brought this acquisition to its completion.”
This seems like a great idea.
One of reasons that I love going to places like Conyers, Covington, and McDonough is because of their town squares.
Not only are their town squares places where you can eat, shop and live but they are places where you can chill. I can go to Scoops to get some ice cream and check out the local events that those cities sometimes have… especially during the summer months.
I live in Decatur/South DeKalb County. Sadly,there is nothing to do here. The very little two things that we did have ..like the movie theater/ Round 1 are gone.Those are the reasons why I go elsewhere to be amused.
Sure I can go to Downtown Decatur for amusement but their downtown is barely there,too crowded and isn’t totally family friendly. It’s not the same Downtown Decatur I grew up with where it seemed like a place for everybody.
Ironically,my brother and I had a discussion about this.
It would be nice to chill in Stonecrest like the following places that I mentioned on here.Just imagine someone waiting for the bus and they just go near the town hall and chill. That would be nice not only for Stonecrest but for South DeKalb as a whole.