Cobb plans to sell old truck stop to multifamily housing developer
From the Henssler Financial Studios this is your news minute on the Marietta Daily Journal Podcast presented by Dayco Systems. Today is Wednesday July 5th, and I'm Brian Giffin.
The Cobb County commissioners have voted to sell a 3.8-acre surplus land to a developer specializing in multifamily housing. The vacant lot, previously a Pilot truck stop, is situated near Atlanta Road in unincorporated Smyrna, close to Interstate 285. The vote passed with a 4-1 majority, with Commissioner Keli Gambrill opposing due to concerns about the deal structure. The final sale price depends on the number of homes the developer is permitted to build on the lot, which Gambrill sees as a conflict for future decisions. The Columbus-based Flournoy Development Group will pay the county between $7.55 million and $13.65 million, depending on rezoning approval. The property is currently zoned for commercial use, and the price range is based on the anticipation of 199 to 325 units. The county purchased the lot for $12.97 million as part of a transportation project and will use the proceeds from the sale for transportation special purpose local option sales tax (SPLOST) funds. Gambrill expressed concerns about the refunding of SPLOST, as it would require approval for over 300 units. The developer has 360 days for due diligence, and if unsatisfied with rezoning, they can withdraw from the purchase.
For more on this story, visit mdjonline.com For the Daily Journal podcast, I'm Brian Giffin
See omnystudio.com/listener for privacy information.