In a move heralded as a major victory for the economic future of South DeKalb, DeKalb County has finalized the acquisition of the sprawling 4380 Memorial Drive property. The 24-acre site, which has been rented by the county for a quarter century, now falls under its ownership due to an $18,095,000 deal secured through tax-exempt bonds. CEO Lorraine Cochran-Johnson celebrated the purchase, “After renting this property for 25 years, DeKalb County now owns it and that’s a major win for our future. We’re looking forward to making this site work for the community as part of our long-term commitment to building economic development in DeKalb," as noted by DeKalb County’s official news release.
Guiding the transaction, Jacob Vallo, a notable figure in metro Atlanta real estate and the county’s Chief Development Officer, highlighted the site’s proximity to the Kensington MARTA station and its potential for transit-oriented development. As per the same news release, Vallo mentioned, "It serves as a significant opportunity to increase the momentum of the Memorial Drive revitalization." The financial mechanics of the deal involved the DeKalb Urban Redevelopment Authority, which issued a $18,270,000 bond to fully facilitate the purchase; this bond was then backed by Regions Capital Advantage, Inc. (Regions Bank).
The newly owned expanse is forecasted to be the seedbed for a mixed-use development project, one that Decatur's Decide DeKalb development authority, along with DeKalb County officials, hope will foster long-term growth and have a pronounced community impact. The partnership between Decide DeKalb and DeKalb County, as reported, will be instrumental in curating a developer to oversee the forthcoming mixed-use endeavor.
The details of the precise developments and timeframes are yet to be disclosed.
