The city of Marietta has entered into a contract to sell a property on Franklin Gateway to MiRus, LLC, a biotech firm, for $5.4 million. MiRus plans to build its new headquarters at the 6.7-acre site, formerly occupied by the Marietta Flea Market.
The property at 550 Franklin Gateway is just south of the Gateway’s intersection with South Marietta Parkway. The Marietta City Council voted unanimously Wednesday night to approve the contract, which MiRus signed on Tuesday.
MiRus, founded in 2016 by Dr. Jay S. Yadav, develops medical devices and procedural solutions for spinal, orthopedic and structural heart treatments. After being founded with 10 employees, it has grown to 115 employees, according to the city.
“A lot of really high skilled manufacturing and development of medical devices that go inside the human body,” City Manager Bill Bruton said, describing the firm. “And really is on the cutting edge of that, has a lot of patents on different materials, even, that they use in creating those devices, and has a lot more coming.”
MiRus is already headquartered in Marietta, located at an office park on West Oak Parkway, off Sandy Plains Road. The new headquarters will be a three-story, 70,000 plus square foot facility.
“It’s (MiRus) definitely growing by leaps and bounds and needs new space,” Bruton said.
The city plans to close the deal on Dec. 31. The council still has to approve a site plan for the property, which city staff have suggested could be approved at a special called meeting on Dec. 22. The Marietta Planning Commission would meet to approve the site plan on Dec. 20.
The contract calls for construction to start within 18 months of closing. It isn’t yet clear when construction might be completed.
“In addition to the many people who will be employed during the construction phase, MiRus, LLC plans to hire additional highly trained employees to join its existing workforce,” a city announcement reads.
The city purchased the property for $5.8 million in October 2017 with funds from the 2013 redevelopment bond, so MiRus will purchase it for $400,000 less than the city paid.
“That’s been the arc of the redevelopment bond, primarily .... in general, you’re taking an improved property, you’re disimproving it, and then you’re selling it for upgraded development,” Daniel Cummings, the city’s economic development director, told the MDJ.
The property is the latest property on the Franklin Gateway corridor to be redeveloped through the bond, approved by voters in 2013. The $68 million bond was largely allocated to the Gateway so the city could purchase aging apartment complexes and blighted retail space to spur new private investment. Other additions to the corridor in recent years include the Atlanta United FC training ground and headquarters and the Home Depot Technology Center.
“We like their product, we like their reputation … that’s gonna be the entrance to Franklin Gateway,” Mayor Steve “Thunder” Tumlin said.