Council members voted unanimously Monday night to table the annexation of land that Atlanta-based Jamestown Properties plans to turn into a large mixed-use development on the west side of Interstate 285 near the Chattahoochee River.
Smyrna City Council will take up the annexation again at its Nov. 4 meeting.
Jamestown began buying up land along the river in 2008, said attorney Garvis Sams, of Marietta-based Sams, Larkin & Huff, and was asked by Smyrna to apply to be annexed into the city limits from unincorporated Cobb County.
The property runs along the southern border of the city limits between the Chattahoochee River and Smyrna.
Sams says it’s part of a strategic expansion of Smyrna’s boundaries.
“The city made a compelling request,” Sams said.
An array of residential options are planned including 155 single-family homes, 332 townhomes, 165 condos, 200 senior units and 850 apartment units. Another almost 200,000 square feet is set aside for retail, residential and commercial uses.
Construction will take place in phases over 10 years. A groundbreaking could happen as soon as county road improvements being completed from the 2011 special purpose local option sales tax fund are finished.
The city does not have a projection for the amount of tax revenue it could gain from the annexation.
Still, Mayor Max Bacon says it’s going to be a good thing for the city.
“We’ll go all the way down to the Chattahoochee now,” Bacon said. “It’s a project that we hope will spur others like it in that area.”
Cobb County doesn’t consider potential lost tax revenue when developers apply for annexation. Cobb Chairman Tim Lee said the county will still be paid property taxes but will lose permitting and development fees.
“It’s revenue we could have used,” Lee said.
When developers seek an annexation into another jurisdiction, they often seek incentives or relief from development and zoning rules.
But Sams says no incentives have been offered for this project from Smyrna or the Development Authority of Cobb County.
Jamestown has already spent more than $16 million acquiring property and another $1.6 million installing infrastructure to prepare for construction.
The firm has an $8 billion portfolio and developed the mixed-use Glenwood Park in Atlanta, near Interstate 20 and heavy industrial uses. Green Street Properties, a subsidiary of Jamestown, also developed the massive Chelsea Market in New York City, a 1.2-million-square-foot mixed-use development that houses Google, The Food Network, Oxygen Media, Time Warner, EMI Music Publishing and Major League Baseball.