The broker representing the City Walk property says the failed retail center was advertised for sale at $27.8 million, a nearly 60 percent reduction from what the property sold for in 2007 according to property records.
City Walk recently came out of foreclosure and is currently under contract. Fain Hicks, with NAI Brannen Goddard, is representing the property and confirmed the original asking price. He could not discuss the deal further because of the pending sale.
The drop in price is a dramatic decline for the retail center. The property sold for $47.8 million in 2007 to CK City Walk Owner LLC. Now the city of Sandy Springs is finalizing its own redevelopment plans for the city’s downtown and City Walk will play a major role, according to drafts presented at a Sept. 19 meeting.
The city is not purchasing the property, according to city spokeswoman Sharon Kraun.
David Dixon, principal-in-charge of planning and urban design for city consultant Goody Clancy, said the retail center could become an integral part of the city’s goal to create a downtown that’s walkable, connecting retail, residential, green and civic spaces.
“City Walk is a large, underachieving site in the middle of an affluent area,” Dixon said. “It’s an attractive redevelopment opportunity.”
Dixon said much of the property will change.
“(The potential buyer) would not buy it as is,” Dixon said. “It failed as it is.”