The struggling City Walk property is under contract with a potential buyer, a deal which will directly affect the city of Sandy Springs’ downtown plans.
Sandy Springs held a meeting on Sept. 19 to unveil four concepts for downtown development. The former Target property, which the city purchased for $8 million in 2008, is recommended for parking and green space in each of the concepts.
City Walk is now an integral part of the concepts city consultant Goody Clancy is providing. The property, which went into foreclosure in November, came out of foreclosure during the summer according to Charles Swain, president of Colliers International Management – Atlanta. Colliers currently manages the property.
Fain Hicks, with NAI Brannen Goddard, is representing the property which is currently under contract for an undisclosed amount, according to the property listing. Hicks said the property was advertised for sale at $27.8 million but could not discuss the details further because of the pending sale.
City spokeswoman Sharon Kraun said Sandy Springs is not the prospective purchaser of the City Walk property. Under the different scenarios presented in the downtown plans, City Walk would become a neighborhood anchor featuring new housing and pedestrian-accessible retail.
Under the suggested scenarios, the city’s municipal building would also double as a civic and cultural center. David Dixon, principal-in-charge of planning and urban design for Goody Clancy, said the goal is to give the civic center frontage on Roswell Road.
“If it could have a face to Roswell Road it would do more to broaden the image of Sandy Springs,” Dixon said, adding that it would be an advertisement for the rest of the city center development.
Two scenarios place the civic center on property at Roswell and Johnson Ferry Road, a block the city has been interested in acquiring. Two other scenarios suggest a boutique hotel could be developed on the property.
Swain said he isn’t privy to the particulars of the deal, but generally knows that parties with ties to the City Walk property are interested in becoming a part of the city’s plans.
“They obviously want to tie that in and create some buzz in that area,” Swain said.