City to acquire huge — and contentious — piece of the Beltline
August 7, 2007 at 4:53 pm by Mara Shalhoup in NewsA four-mile tract of land that had eluded the city in its attempt to build the ambitious Beltline transit-and-trails project is finally within its grasp.
Atlanta Beltline Inc., the agency responsible for overseeing the construction of the 22-mile loop of light rail and greenspace that will one day circle the city, just announced that the portion of the Beltline currently owned by Gwinnett mega-developer Wayne Mason and his son Keith will be sold to a public-private partnership comprised of the city and NE Beltline LLC. That group’s principals are Atlanta native Ben Raney and Atlanta-based Barry Real Estate Companies.
According to a statement from Atlanta Beltline Inc.:
This accomplishment marks a major milestone and positions the City to control the destiny of the … BeltLine’s northeast corridor. Furthermore, it ensures the BeltLine project will move forward as envisioned to provide transit, trails, green space and economic development while balancing the needs of the surrounding neighborhoods, the City of Atlanta and the current and future property owners.
Mayor Shirley Franklin called the acquisition, which is expected to be final by the end of the year, “a tremendous step forward for the Beltline.”
The Masons’ ownership of nearly a quarter of the Beltline had cast doubt on whether the $2.8 billion public works project would become a reality. The Masons bought the 72-acre plot in 2004 for $25 million and vowed to give the city 43 acres in exchange for permission to build two 38- and 39-story towers on the portion of the land overlooking Piedmont Park.
The city turned down the Masons’ proposal, indicating that the towers would never be approved. The two parties then had a serious falling out, and the likelihood of the city’s ability to purchase the land — short of eminent domain proceedings — appeared dim.
Earlier this year, however, Raney entered negotiations with the Masons to buy the property. Today marks the first announcement that Raney and his employer, Barry Real Estate, will be working in conjunction with the city to buy the land — and develop it in a way that will “preserve the character and charm of these communities,” says Barry CEO Chris Schoen.
The purchase of the land likely will be financed with venture partners and private debt.
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