On April 13, 2017, the Mayor and Aldermen awarded the sale of the City-owned property located at Oglethorpe Avenue and Habersham Street. The sale was awarded to the Geyer Morris Company, which proposed an acquisition price of $5,000,000.00, with plans to redevelop the property with ground floor retail space and upper floor multi-family housing units. The proposer plans to also build an underground parking garage and provide the City with use of 50 parking spaces in the garage at no cost.

The sales agreement was finalized and fully executed by both parties on May 23, 2017. The due diligence period expired in September, and the buyer has progressed into the entitlement period of the contract. The current contract provides an entitlement period through February 19, 2018, with an outside closing date of May 18, 2018.

The buyer has indicated they are making good progress on design and other entitlement issues. However, due to some changes in plans and their architectural team, the buyer is requesting a 60-day extension of the outside closing date to complete all entitlement issues. If approved, the new closing date would be on or before July 17, 2018. This would be the first amendment to the sales contract.

Approval