In the middle of Dunwoody’s Georgetown redevelopment area sits a piece of property half-jokingly referred to as the “PVC farm.”

Nothing much sprouts there — it’s just a half-developed 16-acre commercial lot that sits unfinished near Chamblee-Dunwoody Road and North Shallowford Road.

Except, of course, for a smattering of tell-tale PVC pipes that cover the exposed waterline stubs of a never-built apartment complex.

Who would want it? Well, city officials had caught wind of some developers taking interest in the property again.

So, city representatives announced Feb. 24 that they would buy the lot, using $5 million of their $8 million in reserves.

Counciilman Robert Wittenstein said it was a good time to buy the property, given the state of the real estate market. The city needs more parks, he said.

“We think this is the lowest in property value this is ever going to be,” Wittenstein said. “This is money we had in reserve – money we had in the bank.”

Because of the high-density residential nature of the area, people attending recent meetings on how to redevelop the Georgetown area in the city’s southeast were solidly behind buying land for a park at the “PVC farm.”

A city land-use plan indicates that the city has a dearth of parkland. Per 1,000 residents, the city has 3.2 acres of parkland. The National Recreation and Parks Association, an advocacy group, suggests 6.25 to 10.5 acres per 1,000 residents.

“This is going to be like beachfront property,” for people who live in houses and apartments in the area, Wittenstein quipped.

Wittenstein said the city’s staff would begin working on conceptual drawings for making the space a community park.

The city purchased the property from Wells Fargo, formerly Wachovia, which held the property after the development stalled.

The city will hold at least two public hearings on the purchase, and the sale could be finished by April.

The city has also called for a bond referendum in November to raise $56 million for parks by raising the city’s millage rate by 1.5 mills.

View ‘PVC farm’ in Georgetown in a larger map