Marietta awards Franklin corridor contract
by Nikki Wiley
January 13, 2014 12:00 AM | 896 views | 0 0 comments | 7 7 recommendations | email to a friend | print
MARIETTA - A real estate consultant got the go-ahead in December to start mining the Franklin Road area for distressed properties and to begin courting potential buyers under a $68 million redevelopment project funded by bond debt.
 
Chicago-based Jones Lang LaSalle was awarded the contract with a unanimous vote out of the seven companies that submitted bids. It will serve as the city's Franklin Road real estate expert at the recommendation of Beth Sessoms, the city's development manager.
 
The city will buy and raze aging apartment complexes, and potentially some other structures, attempting to entice developers to revitalize the corridor.
 
Jones Lang LaSalle representatives told the Marietta City Council at a work session in December it hopes to see new buildings under construction along the corridor within two years.
 
It's the first step in getting the redevelopment project underway after voters gave the city permission in November to raise property taxes by up to 2 mills to fund a massive redevelopment project along Franklin Road.
 
Jones Lang LaSalle isn't a city employee but will work under a contract being paid hourly for some services and a 3 percent commission on others. There is no set fee for what the company will be paid.
 
After spending two months carefully wording the document, the City Council also approved, with Councilman Philip Goldstein abstaining, to approve a conflict of interest affidavit. Council members will have the option to sign the proclamation, proposed by Councilman Jim King, stating they are not in business with Jones Lang LaSalle and do not stand to receive any financial gain from Franklin Road projects.

Prices have already started to rise along Franklin Road following the passage of the bond referendum and the announcement the Atlanta Braves plan to put their new stadium just a few miles away in the Cumberland area.
 
In December, the council voted to enter into a contract to purchase the 348-unit, 24.32-acre Flagstone Village Apartments from Atlanta-based TriTex Real Estate Advisors Inc. at a cost of $12 million. 
 
That price was more than 50 percent, or $4 million, more than the 386-unit, 25.2-acre Woodlands Park complex placed under contract in late September for $7.9 million.
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