(Marietta, GA – Oct. 15, 2015) Today, the South Cobb Redevelopment Authority (SCRA) closed on the $3.7 million purchase of Magnolia Crossing Apartments located at 490 Six Flags Drive in Austell. The property was purchased using funds from the $10 million redevelopment bond approved by the Cobb County Board of Commissioners and South Cobb Redevelopment Authority in July 2015. The property was assessed at a value of $4.2 million. SCRA intends to demolish the apartment complex and market the site to master developers to spur economic growth in the corridor.
Dana Johnson, director, Cobb County Community Development Agency, said the Marietta Housing Authority is under contract to manage the property effective October 16, 2015 and will oversee the demolition phase. The SCRA and the Marietta Housing Authority will assist residents as they transition to new housing.
“After the current residents are successfully transitioned and the demolition is complete, the Authority will issue an RFP for partners who wish to bid to work with the Authority and county on redevelopment,” said Johnson.
Per public and business community input, the property was selected for purchase due to the following:
• The site accounts for 33 percent of all public safety responses on Riverside Parkway (a.k.a. Six Flags Drive)
• The site has vacancy rate of 35 percent which is double and triple to surrounding properties
• The site is in a state of disrepair
In 2011, the Georgia General Assembly approved local legislation that allowed for the alteration, expansion, and renaming of the South Cobb Development Authority to be (SCRA). The purpose of the SCRA is to revitalize and redevelop areas that have been underinvested or underutilized in the past. The overall intent is to promote/create favorable locations for trade, commerce, industry, and employment opportunities. This is accomplished through the financing of projects that promote the purpose of the authority and assist redevelopment activities through strategic investments, low interests bonds, land banking, and other means.
Ed Richardson, Chairman, South Cobb Redevelopment Authority is excited about this important step for redevelopment in South Cobb. “Special thanks to Commissioner Cupid and Chairman Lee for their leadership and partnership on this important project,” said Richardson.