Two buyers of some choice Sandy Springs real estate say the city’s recent adoption of a downtown master plan sweetened the deal for them.
Nicholas Telesca, president of Branch Properties, and top officials with Regency Centers Corp. both endorsed the city’s plan. Branch Properties bought the CityWalk property, advertised for sale at $27.8 million, in November. Regency Centers Corp. in December paid $35.3 million for the Sandy Springs Plaza.
Both properties will have a front row seat to the development of the city’s downtown redevelopment. CityWalk touches Hammond Drive near Roswell Road and the Sandy Springs Plaza sits on Roswell at Johnson Ferry Road.
Sandy Springs City Council approved a redevelopment plan in December. Under the plan, future development will move the center of city life to what has traditionally been considered the heart of the community along Roswell Road between Hammond Drive and Sandy Springs Circle.
The plan seeks to make the city more walkable and provides for a mix of uses, expands green space and seeks revisions to the city’s zoning code to achieve the desired downtown aesthetic.
Telesca spoke in support of the plan at a December Sandy Springs City Council meeting and said recently that he plans to add some luxury multi-family housing into the mix.
He said the plan will increase the value of real estate around the downtown area.
“It makes sense for the future of Sandy Springs and we want to be a part of that,” he said.
Andre Koleszar, vice president and regional officer for Regency Centers, noted that the plan’s implementation could take decades.
But knowing there’s a plan was a plus for the company, he said.
“What Sandy Springs envisions gives us solace that we’re going to be part of … Sandy Springs for a long time to come,” he said.