Frm the Atlanta Journal-Constitution (Michelle E. Shaw)
The number of published foreclosure notices in the 13-county metro area rose in February and will likely rise again in March, according to according to data from Alpharetta-based Equity Depot.
This month there were 10,357 foreclosure notices in the 13-county metro area, 27 percent more than January’s 8,181 published notices and 34 percent more than the 7,701 advertised a year ago, the data says.
Equity Depot tracks notices published each month for public auctions scheduled for the following month. February’s numbers count the homes set for auction in March.
Just because a property receives a notice doesn't necessarily mean it will be auctioned. Many owners may make last-minute payment arrangements with lenders that keep the property from reaching the auction steps.
John McCosh, spokesman for the Consumer Credit Counseling Service of Greater Atlanta, said call volume at the center has spiked in the last month or two and requests for foreclosure prevention counseling is up approximately 12 percent year-over-year.
Barry Bramlett, chief executive at Equity Depot, who has compiled foreclosure data for 20 years, said it is hard to forecast foreclosure notice activity. He said figuring out when activity starts to slowdown will likely be in hindsight.
“It will be us looking back six months or so and saying, we’ve been down two quarters, or something like that,” he said. “But we won’t know until we’re in it.”
There are plenty Atlanta area residents trying to keep their homes out of the foreclosure notices, said Janice L. Mathis, southern region vice president of Rainbow PUSH Coalition.
“We have hired two people since November to help manage the call volume,” she said. “There are still so many people out there who need help.”
Posted by Peachtree Mortgage Services, Inc. Call us at 770.481.0052 or visit our website at www.peachtreemortgageservices.net when you're ready to buy or need to refinance a home in metro Atlanta.
Tuesday, February 9, 2010
Monday, February 8, 2010
Metro Atlanta Foreclosures Skyrocket
From the Atlanta Journal Constitution (The Biz Beat with Harry Unger)
Foreclosure notices in metro Atlanta jumped 27 percent in February, compared with January. They were up 34 percent when compared to a year ago, according to data just released from Equity Depot.
“Residential foreclosures basically run across the board in every price range,” Barry Bramlett, president of Alpharetta-based Equity Depot, said in an e-mail. “Commercial properties [are] clearly on the rise.”
There were 10,357 foreclosure notices published in February in the 13-county metro area. That compared with 8,181 in January and 7,701 a year ago, Equity Depot said. The notices published this month are for public auctions scheduled in March.
In January, there was short-lived decline, Bramlett said, “probably due to [foreclosure] moratoriums some lenders put in place over the holidays.”
This month, Gwinnett led the pack with 2,163 foreclosure notices, followed by Fulton with 2,008. DeKalb was third (1,511), followed by Cobb (1,243) and Clayton (821).
Posted by Peachtree Mortgage Services, Inc. Buying or refinancing real estate in metro Atlanta? Call us today at 770.481.0052, or visit our website at http://www.peachtreemortgageservices.net/.
Foreclosure notices in metro Atlanta jumped 27 percent in February, compared with January. They were up 34 percent when compared to a year ago, according to data just released from Equity Depot.
“Residential foreclosures basically run across the board in every price range,” Barry Bramlett, president of Alpharetta-based Equity Depot, said in an e-mail. “Commercial properties [are] clearly on the rise.”
There were 10,357 foreclosure notices published in February in the 13-county metro area. That compared with 8,181 in January and 7,701 a year ago, Equity Depot said. The notices published this month are for public auctions scheduled in March.
In January, there was short-lived decline, Bramlett said, “probably due to [foreclosure] moratoriums some lenders put in place over the holidays.”
This month, Gwinnett led the pack with 2,163 foreclosure notices, followed by Fulton with 2,008. DeKalb was third (1,511), followed by Cobb (1,243) and Clayton (821).
Posted by Peachtree Mortgage Services, Inc. Buying or refinancing real estate in metro Atlanta? Call us today at 770.481.0052, or visit our website at http://www.peachtreemortgageservices.net/.
Friday, February 5, 2010
Olens: 'Parks Bond is Gone'
From the Marietta Daily Journal (Katy Ruth Camp)
BUFORD - Cobb Chairman Sam Olens said the county's parks bond initiative is "gone," which means Cobb will not likely be buying up any land to turn into parks - at least not anytime soon.
"I think we need to acknowledge the parks bond is gone," he said Wednesday during the county's retreat at Lake Lanier Islands Resort. "The millage can't handle it. The numbers at the time said we could do it, but that's not the case now. I think we need to be upfront with the public that it is a loss."
Sixty-five percent of voters approved the $40 million parks bond in November 2008. Olens said the $40 million was approved with the assumption that the bond would be paid for through a shift in the millage rate from the general fund into the debt service fund - and the millage rate would not be increased. The shift of 0.2 or 0.3 mills from the general fund into the fire fund that was discussed during Wednesday's meeting would only be a shift, whereas the parks bond would create a debt that would have to be paid off within the debt fund.
Even though the bond was approved by voters, Olens said the county has full authority to slash the bond from county plans altogether, and that commissioners could legally increase the millage rate to pay for the bond, but they collectively agreed the program did not warrant a raise in taxes. Olens said the bond has no time limit established within the approved referendum. However, the debt was approved to be paid off in a certain amount of years. That means each year the bonds are not taken out, less money can be taken out because the county would have a shorter amount of time to pay off the debt.
"We thought of all the options - that we could just raise taxes and do it, that we could issue half the debt, or just find ways to cut costs in other areas. But you're still not able to do any of that without a millage increase," Olens said.
Olens said he feels the bond is a "closed issue," and does not see the bonds being issued this year, in 2011 or 2012.
"I don't know how we can honestly think the economy will briskly grow, resulting in enough money to fund this," Olens said.
However, Commissioner Bob Ott said the bond will likely happen in the future.
"We're going to have to raise the millage rate to cover it, so I think people would rather put it on hold than raise taxes," Ott said. "It's not done, it's really just probably going to be put on a delay because we just don't have the funding with the way the economy is. But I don't see it happening this year."
The Parks Bond Citizens Advisory Committee, made up of 15 Cobb residents, recommended 29 parcels for the board to purchase in October using the bond.
Bob Ash, the county's public services agency director, sent a letter to the parcel owners on Nov. 17 stating that site visits by Cobb commissioners "and subsequent discussions on land purchases have been placed on hold for a 90-day period." Ash wrote that it is "necessary for the board to review the bond financing."
Posted by Peachtree Mortgage Services, Inc. Buying or refinancing a metro Atlanta home? Call us today at 770.481.0052, or visit our website at www.peachtreemortgageservices.net.
BUFORD - Cobb Chairman Sam Olens said the county's parks bond initiative is "gone," which means Cobb will not likely be buying up any land to turn into parks - at least not anytime soon.
"I think we need to acknowledge the parks bond is gone," he said Wednesday during the county's retreat at Lake Lanier Islands Resort. "The millage can't handle it. The numbers at the time said we could do it, but that's not the case now. I think we need to be upfront with the public that it is a loss."
Sixty-five percent of voters approved the $40 million parks bond in November 2008. Olens said the $40 million was approved with the assumption that the bond would be paid for through a shift in the millage rate from the general fund into the debt service fund - and the millage rate would not be increased. The shift of 0.2 or 0.3 mills from the general fund into the fire fund that was discussed during Wednesday's meeting would only be a shift, whereas the parks bond would create a debt that would have to be paid off within the debt fund.
Even though the bond was approved by voters, Olens said the county has full authority to slash the bond from county plans altogether, and that commissioners could legally increase the millage rate to pay for the bond, but they collectively agreed the program did not warrant a raise in taxes. Olens said the bond has no time limit established within the approved referendum. However, the debt was approved to be paid off in a certain amount of years. That means each year the bonds are not taken out, less money can be taken out because the county would have a shorter amount of time to pay off the debt.
"We thought of all the options - that we could just raise taxes and do it, that we could issue half the debt, or just find ways to cut costs in other areas. But you're still not able to do any of that without a millage increase," Olens said.
Olens said he feels the bond is a "closed issue," and does not see the bonds being issued this year, in 2011 or 2012.
"I don't know how we can honestly think the economy will briskly grow, resulting in enough money to fund this," Olens said.
However, Commissioner Bob Ott said the bond will likely happen in the future.
"We're going to have to raise the millage rate to cover it, so I think people would rather put it on hold than raise taxes," Ott said. "It's not done, it's really just probably going to be put on a delay because we just don't have the funding with the way the economy is. But I don't see it happening this year."
The Parks Bond Citizens Advisory Committee, made up of 15 Cobb residents, recommended 29 parcels for the board to purchase in October using the bond.
Bob Ash, the county's public services agency director, sent a letter to the parcel owners on Nov. 17 stating that site visits by Cobb commissioners "and subsequent discussions on land purchases have been placed on hold for a 90-day period." Ash wrote that it is "necessary for the board to review the bond financing."
Posted by Peachtree Mortgage Services, Inc. Buying or refinancing a metro Atlanta home? Call us today at 770.481.0052, or visit our website at www.peachtreemortgageservices.net.
Thursday, February 4, 2010
Marietta Park Plan Moves Ahead
From the Marietta Daily Journal (Jon Gillooly )
MARIETTA - The City Council on Wednesday voted to purchase what has been described as the shabbiest apartment complex in the most blighted part of town.
Council plans to raze the 200-unit Preston Chase apartment complex on Franklin Road near Delk Road, and turn the 13.19-acre site into a public park.
The motion was made by Councilman Jim King, with council voting 6-1 to buy the property from Regions Bank for $2.7 million.
Councilman Anthony Coleman cast the dissenting vote without explaining his reason for opposing.
City Manager Bill Bruton said the purchase price amounts to $13,500 per apartment unit or $204,700 per acre.
The occupancy rate of Preston Chase is about 50 percent. The plan is to use the Marietta Housing Authority to manage the property over the next year or so in helping tenants locate elsewhere before the city can build a park there, Mayor Steve Tumlin said.
The city's purchase is expected to close Feb. 24, pending an environmental analysis, and will be funded by the $25 million parks bond voters approved in November.
Among those in attendance at Wednesday's meeting was Marietta Housing Authority board member Bill Hagemann, who also serves on the city's citizens parks committee. Hagemann applauded the council's decision.
"The price makes this an excellent real estate deal," he said. "I think a lot of people have had the goal of taking down apartments in the Franklin Road corridor, and also it's a great goal to have a park over there. I believe there's 3,000 units and no parks other than the facilities that are within the complexes, so I think it's a great move."
In fact, the Marietta Housing Authority was interested in tearing down a couple of the dozen or so Franklin Road apartment complexes on its own when it applied for a $20 million federal stimulus grant last year. But last month, the MHA received word that it didn't win that award. One of the apartment complexes the MHA intended to raze was Preston Chase. So it was with excitement that Hagemann learned that the city is using parks money to purchase and demolish that complex.
"That's the worst complex in Franklin Road, too, I believe," Hagemann said. "... That's going to do so much good for the area. That one there had so much deferred maintenance and the construction was very obsolete, so I feel good about getting those people in better housing as well. I don't think they can get in worse housing than being in Preston Chase. That was probably the bottom rung on the ladder over there."
Preston Chase is in the ward of Councilman Philip Goldstein.
The city's ultimate goal is to level the dilapidated apartment buildings on Franklin Road to allow space for Economic Development Director Beth Sessoms' proposal for a "Global GreenTech Corridor" in the 500-acre area, which would establish a mixed-use development. Officials say a motivating factor for eliminating the rundown apartment buildings is that they house a highly transient population that serves as a drain on the Marietta City Schools system. Marietta school board Chairman Randy Weiner said there are 1,143 children who live on Franklin Road who are enrolled in the Marietta school system.
Tumlin said he can't name many apartment buildings, but the few that come to mind are on Franklin Road, seared into his memory from all the code enforcement and crime problems that occur there. Demolishing a problem apartment complex while at the same time giving the children an area to play in is a win for everyone, he said.
"We want to raise the quality of life for people out there," Tumlin said.
Another benefit to the property is that it is adjacent to green space the city already owns, and it is along a proposed multi-use trail that would connect Kennesaw Mountain with the Chattahoochee River, Bruton said.
Demolishing the 18 two-story apartment buildings in the Preston Chase complex is estimated at a cost of $300,000 to $400,000, Bruton said.
The city is buying the apartment complex from Regions Bank, which foreclosed on the property for $7.5 million. Although the Cobb Board of Tax Assessor's lists the property at a value of $8.2 million, an Oct. 2009 appraisal by Regions Bank lists the value at only $3 million. But even at the bank's appraised value, the city ends up saving $300,000 by paying the $2.7 million cost.
Posted by Peachtree Mortgage Services, Inc. In the market for a new home or condo in Marietta or anywhere else in metro Atlanta? Call us today at 770.481.0052, or visit our website at www.peachtreemortgageservices.net.
MARIETTA - The City Council on Wednesday voted to purchase what has been described as the shabbiest apartment complex in the most blighted part of town.
Council plans to raze the 200-unit Preston Chase apartment complex on Franklin Road near Delk Road, and turn the 13.19-acre site into a public park.
The motion was made by Councilman Jim King, with council voting 6-1 to buy the property from Regions Bank for $2.7 million.
Councilman Anthony Coleman cast the dissenting vote without explaining his reason for opposing.
City Manager Bill Bruton said the purchase price amounts to $13,500 per apartment unit or $204,700 per acre.
The occupancy rate of Preston Chase is about 50 percent. The plan is to use the Marietta Housing Authority to manage the property over the next year or so in helping tenants locate elsewhere before the city can build a park there, Mayor Steve Tumlin said.
The city's purchase is expected to close Feb. 24, pending an environmental analysis, and will be funded by the $25 million parks bond voters approved in November.
Among those in attendance at Wednesday's meeting was Marietta Housing Authority board member Bill Hagemann, who also serves on the city's citizens parks committee. Hagemann applauded the council's decision.
"The price makes this an excellent real estate deal," he said. "I think a lot of people have had the goal of taking down apartments in the Franklin Road corridor, and also it's a great goal to have a park over there. I believe there's 3,000 units and no parks other than the facilities that are within the complexes, so I think it's a great move."
In fact, the Marietta Housing Authority was interested in tearing down a couple of the dozen or so Franklin Road apartment complexes on its own when it applied for a $20 million federal stimulus grant last year. But last month, the MHA received word that it didn't win that award. One of the apartment complexes the MHA intended to raze was Preston Chase. So it was with excitement that Hagemann learned that the city is using parks money to purchase and demolish that complex.
"That's the worst complex in Franklin Road, too, I believe," Hagemann said. "... That's going to do so much good for the area. That one there had so much deferred maintenance and the construction was very obsolete, so I feel good about getting those people in better housing as well. I don't think they can get in worse housing than being in Preston Chase. That was probably the bottom rung on the ladder over there."
Preston Chase is in the ward of Councilman Philip Goldstein.
The city's ultimate goal is to level the dilapidated apartment buildings on Franklin Road to allow space for Economic Development Director Beth Sessoms' proposal for a "Global GreenTech Corridor" in the 500-acre area, which would establish a mixed-use development. Officials say a motivating factor for eliminating the rundown apartment buildings is that they house a highly transient population that serves as a drain on the Marietta City Schools system. Marietta school board Chairman Randy Weiner said there are 1,143 children who live on Franklin Road who are enrolled in the Marietta school system.
Tumlin said he can't name many apartment buildings, but the few that come to mind are on Franklin Road, seared into his memory from all the code enforcement and crime problems that occur there. Demolishing a problem apartment complex while at the same time giving the children an area to play in is a win for everyone, he said.
"We want to raise the quality of life for people out there," Tumlin said.
Another benefit to the property is that it is adjacent to green space the city already owns, and it is along a proposed multi-use trail that would connect Kennesaw Mountain with the Chattahoochee River, Bruton said.
Demolishing the 18 two-story apartment buildings in the Preston Chase complex is estimated at a cost of $300,000 to $400,000, Bruton said.
The city is buying the apartment complex from Regions Bank, which foreclosed on the property for $7.5 million. Although the Cobb Board of Tax Assessor's lists the property at a value of $8.2 million, an Oct. 2009 appraisal by Regions Bank lists the value at only $3 million. But even at the bank's appraised value, the city ends up saving $300,000 by paying the $2.7 million cost.
Posted by Peachtree Mortgage Services, Inc. In the market for a new home or condo in Marietta or anywhere else in metro Atlanta? Call us today at 770.481.0052, or visit our website at www.peachtreemortgageservices.net.
Wednesday, February 3, 2010
Condo Construction Slower, Prices Lower
From the Atlanta Journal-Constitution (Michelle E. Shaw)
Fewer than 600 new condos hit the metro Atlanta market in 2009, the smallest number in more than a decade, according to a report from a local consulting firm.
Significant price cuts accompanied the new units, helping to stimulate sales, said David Haddow, president of Haddow & Co., lead writer of the year-end condo report.
“There would have been a real problem if the prices had been cut and there were still no buyers,” he said.
About 577 condos were under construction at the end of the year. More than 4,800 units in a number of developments have been proposed but “are not likely to commence anytime soon,” the report says.
“I think the low number of deliveries and condos under construction is the good news in this report,” said David Tufts, president of the Marketing Directors, a condo sales and marketing firm. “This shows things are getting cleaned up a little.”
Tufts said if the pool of condos under construction stays low it will give existing units an opportunity to sell. He added the report is evidence that developers are paying attention to the market, and that’s not something they always do, he said.
“But the biggest function is that there is no financing available for such projects,” he said.
Condo sales fell 9 percent decline in the second half of the year, compared to the first six months, but full-year sales rose 70 percent over 2008.
Last year 1,095 condos were sold, up from 645 sales during 2008, but both figures are still well below the annual average of 2,321 units over the past decade, the report says.
Buying a new condo in metro Atlanta? Call us today at 770.481.0052, or visit our website at http://www.peachtreemortgageservices.net/.
Fewer than 600 new condos hit the metro Atlanta market in 2009, the smallest number in more than a decade, according to a report from a local consulting firm.
Significant price cuts accompanied the new units, helping to stimulate sales, said David Haddow, president of Haddow & Co., lead writer of the year-end condo report.
“There would have been a real problem if the prices had been cut and there were still no buyers,” he said.
About 577 condos were under construction at the end of the year. More than 4,800 units in a number of developments have been proposed but “are not likely to commence anytime soon,” the report says.
“I think the low number of deliveries and condos under construction is the good news in this report,” said David Tufts, president of the Marketing Directors, a condo sales and marketing firm. “This shows things are getting cleaned up a little.”
Tufts said if the pool of condos under construction stays low it will give existing units an opportunity to sell. He added the report is evidence that developers are paying attention to the market, and that’s not something they always do, he said.
“But the biggest function is that there is no financing available for such projects,” he said.
Condo sales fell 9 percent decline in the second half of the year, compared to the first six months, but full-year sales rose 70 percent over 2008.
Last year 1,095 condos were sold, up from 645 sales during 2008, but both figures are still well below the annual average of 2,321 units over the past decade, the report says.
Buying a new condo in metro Atlanta? Call us today at 770.481.0052, or visit our website at http://www.peachtreemortgageservices.net/.
Tuesday, February 2, 2010
Economy Deals $214 Million Blow to SPLOST III Income Projections
From the Marietta Daily Journal (Kathryn Dobies )
MARIETTA - Although SPLOST III was once expected to rake in nearly $800 million over five years for Cobb schools, such projections have been severely hampered by the down economy. KSU economists now estimate collections will total only $586 million, a 26 percent drop from the original estimate.
Doug Shepard, who heads the district's new SPLOST oversight department, introduced the revised forecast at Thursday night's board meeting.
Dr. Don Sabbarese and Flavia Burton, of the Econometrics Center at Kennesaw State University, delivered the gloomy report to the board.
The simple answer behind the $214 million drop-off in expected revenues?
"Jobs," Sabbarese said.
"As you know, the state revenue on sales tax is down 20 percent, most recently," he said. "So it's probably fairly indicative of what's happening in Cobb County."
"It is a sobering report," Shepard said. "But we are prepared to address it as we move forward, and we feel it is important that we have a firm understanding of where we stand as we proceed."
On Thursday night, the board voted 6-0, on a motion by Dr. John Crooks with Alison Bartlett abstaining, to award J&R Construction and Development, Inc. of Carrollton with a $15 million contract to construct a new replacement school for East Side Elementary. The district had budgeted $21.5 million for the project, and J&R was the low bidder.
The construction is one of the three such projects to be funded through SPLOST III. The other two projects will be ninth-grade centers at North Cobb and South Cobb high schools.
The board also approved hiring three employees for the district's SPLOST department on Thursday night, as noted on its personnel report.
Posted by Peachtree Mortgage Services, Inc. Buying or refinancing Cobb County real estate? Call us today at 770.481.0052, or visit our website at www.peachtreemortgageservices.net.
MARIETTA - Although SPLOST III was once expected to rake in nearly $800 million over five years for Cobb schools, such projections have been severely hampered by the down economy. KSU economists now estimate collections will total only $586 million, a 26 percent drop from the original estimate.
Doug Shepard, who heads the district's new SPLOST oversight department, introduced the revised forecast at Thursday night's board meeting.
Dr. Don Sabbarese and Flavia Burton, of the Econometrics Center at Kennesaw State University, delivered the gloomy report to the board.
The simple answer behind the $214 million drop-off in expected revenues?
"Jobs," Sabbarese said.
"As you know, the state revenue on sales tax is down 20 percent, most recently," he said. "So it's probably fairly indicative of what's happening in Cobb County."
"It is a sobering report," Shepard said. "But we are prepared to address it as we move forward, and we feel it is important that we have a firm understanding of where we stand as we proceed."
On Thursday night, the board voted 6-0, on a motion by Dr. John Crooks with Alison Bartlett abstaining, to award J&R Construction and Development, Inc. of Carrollton with a $15 million contract to construct a new replacement school for East Side Elementary. The district had budgeted $21.5 million for the project, and J&R was the low bidder.
The construction is one of the three such projects to be funded through SPLOST III. The other two projects will be ninth-grade centers at North Cobb and South Cobb high schools.
The board also approved hiring three employees for the district's SPLOST department on Thursday night, as noted on its personnel report.
Posted by Peachtree Mortgage Services, Inc. Buying or refinancing Cobb County real estate? Call us today at 770.481.0052, or visit our website at www.peachtreemortgageservices.net.
Monday, February 1, 2010
Florida Developer to Buy GM Site in Doraville
From the Atlanta Journal-Constitution (Gertha Coffee and April Hunt )
An Orlando developer has a contract to buy the old General Motors plant in Doraville and plans to build a "clean and green" community of houses, shops, restaurants and offices on the site, the company said Thursday.
New Broad Street Cos. said it has been in discussions with GM for more than 18 months.
"It could be any mix of uses," New Broad Street spokeswoman Barbara Koenig said Thursday. "Any mix of commercial, retail, residential."
The deal is expected to close in early summer. The purchase price will not be disclosed, Koenig said.
"This is the best urban infill site in the country for a large transit-oriented development," New Broad Street president David Pace said in a statement. "It will be clean and green, incorporating environmental remediation of the former industrial site with best practices for sustainable development."
The Doraville plant closed in September 2008 and several developers bid to buy the massive 165-acre site.
New Broad Street told the AJC in December that it wants to transform the former factory into an “urban center” with homes, eateries, businesses and offices. That would fit into Doraville’s plans for the site, which is bordered by MARTA rail and I-285. The city has said it wants a mixed-use development -- without a long-rumored stadium, possibly for the Atlanta Falcons.
Doraville Mayor Ray Jenkins is likely to emphasize that point Friday. He declined to comment, through a spokesman, on Thursday night until he could again talk with developers and other players, most notably those from DeKalb County.
Doraville leaders have feared the county would wrest control of the redevelopment, leaving the city of 10,000 people with little say on the property that dominates both the landscape and conversation. One council member, Bob Roche, has been trying to get the City Council to hire a development director since November to make sure the small city is not pushed out.
“New Broad is a quality developer and deserves high-caliber, quality service from Doraville,” Roche said Thursday evening. “I call upon the mayor and city council to begin an immediate search for an experienced, highly qualified city development director to represent Doraville and prepare the city for the opportunities and challenges ahead.”
DeKalb CEO Burrell Ellis was in meetings Thursday evening and could not be reached for comment.
New Broad Street has had experience in converting “brownfields” -- abandoned or underused industrial sites -- into residential and commercial properties.
One project that may be comparable to a Doraville redevelopment -- although much larger -- is the transformation of the Orlando Naval Training Center into Baldwin Park, a luxury housing and shopping district. Pace, New Broad Street's president, was among the key players in that project.
Following environmental remediation and new construction, the new urbanism design of Baldwin Park features an eight-square-block village center with shops, businesses and homes as well as more traditional residential streets of townhomes and private houses.
Before Republican Mel Martinez stepped down from the U.S. Senate last year, Baldwin Park was said to be the only neighborhood in the nation that was home to two U.S. senators. Democrat Bill Nelson also lives there.
New Broad Street primarily builds "master-planned" communities. The company adheres to the new urbanism ethic of building "live, work and play" projects.
Last year, the company was picked as a consultant to mixed-use developments in Lake County, Fla., and Warsaw, Poland.
Many of the principals at New Broad Street worked at Disney before forming their own firm.
Staff writer Rachel Tobin Ramos contributed to this report.
Posted by Peachtree Mortgage Services, Inc. Buying or refinancing in Doraville or anywhere else in DeKalb County? Call us today at 770.481.0052, or visit our website at www.peachtreemortgageservices.net.
An Orlando developer has a contract to buy the old General Motors plant in Doraville and plans to build a "clean and green" community of houses, shops, restaurants and offices on the site, the company said Thursday.
New Broad Street Cos. said it has been in discussions with GM for more than 18 months.
"It could be any mix of uses," New Broad Street spokeswoman Barbara Koenig said Thursday. "Any mix of commercial, retail, residential."
The deal is expected to close in early summer. The purchase price will not be disclosed, Koenig said.
"This is the best urban infill site in the country for a large transit-oriented development," New Broad Street president David Pace said in a statement. "It will be clean and green, incorporating environmental remediation of the former industrial site with best practices for sustainable development."
The Doraville plant closed in September 2008 and several developers bid to buy the massive 165-acre site.
New Broad Street told the AJC in December that it wants to transform the former factory into an “urban center” with homes, eateries, businesses and offices. That would fit into Doraville’s plans for the site, which is bordered by MARTA rail and I-285. The city has said it wants a mixed-use development -- without a long-rumored stadium, possibly for the Atlanta Falcons.
Doraville Mayor Ray Jenkins is likely to emphasize that point Friday. He declined to comment, through a spokesman, on Thursday night until he could again talk with developers and other players, most notably those from DeKalb County.
Doraville leaders have feared the county would wrest control of the redevelopment, leaving the city of 10,000 people with little say on the property that dominates both the landscape and conversation. One council member, Bob Roche, has been trying to get the City Council to hire a development director since November to make sure the small city is not pushed out.
“New Broad is a quality developer and deserves high-caliber, quality service from Doraville,” Roche said Thursday evening. “I call upon the mayor and city council to begin an immediate search for an experienced, highly qualified city development director to represent Doraville and prepare the city for the opportunities and challenges ahead.”
DeKalb CEO Burrell Ellis was in meetings Thursday evening and could not be reached for comment.
New Broad Street has had experience in converting “brownfields” -- abandoned or underused industrial sites -- into residential and commercial properties.
One project that may be comparable to a Doraville redevelopment -- although much larger -- is the transformation of the Orlando Naval Training Center into Baldwin Park, a luxury housing and shopping district. Pace, New Broad Street's president, was among the key players in that project.
Following environmental remediation and new construction, the new urbanism design of Baldwin Park features an eight-square-block village center with shops, businesses and homes as well as more traditional residential streets of townhomes and private houses.
Before Republican Mel Martinez stepped down from the U.S. Senate last year, Baldwin Park was said to be the only neighborhood in the nation that was home to two U.S. senators. Democrat Bill Nelson also lives there.
New Broad Street primarily builds "master-planned" communities. The company adheres to the new urbanism ethic of building "live, work and play" projects.
Last year, the company was picked as a consultant to mixed-use developments in Lake County, Fla., and Warsaw, Poland.
Many of the principals at New Broad Street worked at Disney before forming their own firm.
Staff writer Rachel Tobin Ramos contributed to this report.
Posted by Peachtree Mortgage Services, Inc. Buying or refinancing in Doraville or anywhere else in DeKalb County? Call us today at 770.481.0052, or visit our website at www.peachtreemortgageservices.net.
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