Dunwoody concluded negotiations with Wells Fargo Bank to acquire a more than 16-acre property located at 4000 Dunwoody Park for $5 million.
The park has been the focal point of the city’s effort to redevelop the Georgetown-North Shallowford areas. City official expect that they will close on the property by April.
The property is now zoned for a high-density, multi-family development. Previous owners planned the development for 280 multi-family residential units.
Through the Georgetown-North Shallowford area master planning effort, and the city’s comrehensive land-use plan, the city received extensive feedback and input from the community indicating this area has an overabundance of apartments and this property could better serve the community as a park and civic or institutional use.
The city’s purchase of the land as parkland could help relieve traffic and put less pressure on schools in the area. This purchase will start to close this gap and provide the Georgetown-North Shallowford area with a catalytic redevelopment opportunity and a signature park, according to city officials.
Mayor Ken Wright said he is thrilled by the prospect of adding parkland in Dunwoody. “The addition of 16 acres of park land is a watershed moment for Dunwoody and a generational game changer for the Georgetown-North Shallowford community,” Wright said. “The City Council and I are thrilled to jump start the revitalization of the Georgetown-North Shallowford area of Dunwoody and are relieved that this purchase will head off the inevitable development of the land for more apartments as well as help us move forward in our effort to eliminate our monumental deficit of green space.”
The City Council is expected to authorize the Mayor to execute a sales contract with Wells Fargo for the purchase of the property at the February 28th City Council meeting. The city is in the process of completing the appropriate due diligence for the purchase of this property.
– Jason Massad