Background: This open space in the center of East Point was considered ripe for development before the Great Recession hit 2008. Ideas for a downtown development of a grocery story, apartments/condos, and other amenities were floated. The financial crunch stopped those ideas.
By Tina Dharman.
“Good News in East Point!
After entering into a new MOU with EP City Council (by a vote of 5 for/3 against), the East Point Business and Industrial Development Authority (BIDA) and private Commons property owners have partnered with Marcus & Millichap Real Estate Investment Services to market the long-embattled Commons Redevelopment Project to investors and developers.
Marcus & Millichap is a national real estate services firm founded in 1971, with a business model based on matching properties with the largest pool of pre-qualified investors available. They are also oft-cited leaders in Real Estate and Economic Development Market Research data.
Marcus & Millichap’s agents had initially approached the City of East Point Economic Development team to explore possible opportunities in the City, after hearing about Ft. Mac and College Park’s new Transit Oriented Development (TOD) project, early this year. They held a Development Forum in the City this past Spring, and out of that forum they saw the potential and possibilities for marketing a TOD project on the Commons and approached BIDA with their ideas. As the firm’s marketing concept was in line with the City’s LCI Plan for the Main Street TOD corridor, BIDA voted to move forward with the partnership (by a vote of 5 for/1 against, 3 absent). Marcus & Millichap will be marketing our properties on a commission-only basis so payment will be out of the proceeds of sale.
We are still a long way from having new development on the Commons – A buyer will need to be identified, that buyer’s development plan will need to be approved by BIDA, and ultimately approved by Council – and we are looking at quite some time for any actual construction phase, but I believe that this is a great step forward in revitalizing downtown.
It is cost-effective, and allows the market to decide how best to invest in Downtown East Point, while allowing the City to ensure that any development that goes on parcels we own fits in with the vision we have outlined in our LCI Plan.
Feel free to ask me any questions and I will do my best to answer them.”
Tina Dharman is the chairwoman of BIDA. If you have questions, she can be reached at email@example.com