Dunwoody completes land sale agreement

The Dunwoody City Council agreed to an amended contract Monday to purchase 19 acres in an effort to redevelop the Georgetown area.

The property, on North Shallowford and Pernoshal Court, accounts for more than half of the 35 acres that Dunwoody is hoping will bring a private developer to redevelop land at the city's eastern gateway.

The $6.1 million property is a former Emory hospital site owned by the Nashville-based American Medicorp Development Company. American Medicorp representatives talked to city officials shortly after they approved an option agreement two weeks ago to purchase the property.

The most recent change to the sale agreement modifies the timing and the interest of the city's future payments. The new agreement gives the city the ability to pay for an expensive sub-parcel on the site as late as 2014.

“The proposal is equal if not better for the city,” said Warren Hutmacher, city manager.  

Dunwoody created the option agreement on the property so that a private developer can share the costs of the purchase if a redevelopment proposal is accepted by the city. In addition to the 19 acres the city has an option to purchase, it owns 16 adjacent acres, the former 'PVC farm,' that would be a part of the redevelopment effort.

at a pre-bidder’s conference held last week by the city.

The city could choose a redevelopment partner as early as late April.