The city has until Dec. 31 to close on the deal.
Councilman Johnny Sinclair made the recommendation to put the 25.2-acre Woodlands Park Apartments, at 861 Franklin Road just off I-75, under contract.
The council agreed with his recommendation in a vote of 6-0 with Jim King absent.
“I think it’s a great purchase, it’s a strategic purchase for us, the redevelopment of Franklin Road has been a project I’ve been interested in since the day I got elected in 1997, and for me, the first big step was when the city bought Preston Chase three years ago, and this is the second giant step,” Sinclair said.
Sinclair led the effort in 2010 for the city to spend $2.7 million to buy the 13-acre Preston Chase apartments located across the street from Woodlands Park. The city razed Preston Chase and plans to turn the property into a park.
On Nov. 5 Marietta voters will decide whether to approve a $68 million redevelopment bond, which would be used to target Franklin Road and Whitlock Avenue.
“The bond funds would be used to buy (Woodlands Park), but the contract is not contingent on the passage of the bond,” city attorney Doug Haynie said.
Franklin Road is lined with aging apartment complexes. Mayor Steve Tumlin wants to use the proposed bond money to buy up a number of complexes and raze them, clearing the way for a new development that he hopes will create jobs and lift the city’s tax base.
Sinclair said the Woodlands Park complex is one of the biggest apartment complexes on Franklin Road.
“It’s in bad shape,” he said.
The city has the property under contract with PEM/FSF Las Colinas LLC and UG Acquisitions LLC.
Sinclair said after the city closes on the deal, the Marietta Housing Authority would work with residents to help them find new places to live just as it did when Preston Chase was purchased.