The city concluded negotiations Monday for 42 acres of land at 6750 and 6664 Peachtree Industrial Boulevard.
Monday night, the city council voted 6-1 (with Denis Shortal voting against) to enter into a letter of intent with Cortland Partners LLC to purchase the Dunwoody Glen Apartments (alternatively known as the Chase Apartments), to redevelop into a multi-use sports complex.
As negotiated, Dunwoody would pay $19 million for the property, around $450,000 per acre.
"The purchase sets in motion the accomplishment of many of the goals in our adopted Parks, Recreation and Open Space Master Plan," said Mayor Ken Wright in city press release. "It provides us with adequate space for a much needed sports complex to meet the needs of our youth as well as freeing up Dunwoody Park for the expansion of the Dunwoody Nature Center."
The purchase is contingent on the passage of the park land acquisition bond.
City Manager Warren Hutmacher said the purchase would be 75 percent of the bond. The letter of intent would let voters know what they will be voting on, he said.
Hutmacher said the council has been negotiating on the property for more than a year.
The site currently has 519 units, and a 94 percent occupation rate in the complex.
The developer who owns the property and the 21 acres Lacota Apartments complex, which has 266 units, has agreed to redevelop the Lacota property if the city purchases and 42 acres and redevelops the property into a park.
"The city regrets the need to displace residents (785 apartment units), however, in a built out environment like dunwoody, we have found it challenging to locate a sufficient amoutn of vacant land for the athletic facility desired by the community," Wright said in the press release. "The city will work with Cortland Partners on a transition plan for the current residents, which includes 560 school age children who are in the Dunwoody cluster; all current leases will be honored without the threat of early cancellation."