Representatives from Jones Lang LaSalle told the Marietta City Council at a work session Monday it would hope to see redevelopment beginning on the corridor in two years, if it’s selected for the job.
Jones Lang LaSalle is the city’s favorite to win the job of real estate guru courting potential buyers and developers for distressed properties along Franklin Road.
The Marietta office of the Chicago-based firm was the recommendation of Beth Sessoms, the city’s development manager, from the seven that applied, including Jeremiah Consulting, Bleakly Advisory Group, Trimont Real Estate Advisors, CBRE Group Inc., Retail Development Consultants Inc. and Red Rock Global LLC.
The City Council will decide Wednesday if it will enter into contract negotiations with Jones Lang LaSalle.
The vote comes after Marietta residents gave the city permission to raise property taxes by up to 2 mills to fund a large redevelopment project along Franklin Road. The city will buy and raze aging apartment complexes, and potentially some other structures, and attempt to entice developers to revitalize the corridor.
The consultant will not be a city employee, but would work under a two-year contract with the city and will be paid from the bond proceeds. No contract has been negotiated yet and the city has not approved a cost for the contract, though the company would be paid hourly for some services and on a commission for others.
Outgoing Councilman Jim King called the company’s two-year timeline “incredibly aggressive” and questioned if Jones Lang LaSalle would be able to stick to that promise.
The entire road won’t have had a facelift in two years, but that’s when the firm wants to see at least one “catalytic” project underway that could attract more growth, said Tim Eachus, managing director for Jones Lang LaSalle.
Braves deal could
drive up prices
Recent developments in the area around Franklin Road are likely to change the game and make the area more attractive, Eachus said.
The city may end up spending more for properties on Franklin Road following the proposed merger of Kennesaw State University and Southern Polytechnic State University, and the plan to move the Atlanta Braves home stadium to the Cumberland area, just a few miles away from the corridor.
“It may end up costing a little more than what you would have been paying for some of the parcels but you’re going to end up getting more out of those parcels,” Eachus said.
Jones Lang LaSalle does have customers along Franklin Road, and King said that may be a conflict of interest. Eachus told the council that if a conflict of interest arises the company would take precautions, such as dividing its teams working on Franklin Road or bringing in a subcontractor to act as an outside broker.