The city of Powder Springs announced Thursday it has finalized the sale of 6.3 acres of downtown property to a mixed-use developer, including the parcel on which city hall sits.
Atlanta-based Novare Group purchased the land from Powder Springs’ Downtown Development Authority, a body separate from the city government, for $3.5 million. The developer will build a mixed-use development on the site with 221 multi-family apartments and 5,000 square feet of commercial space, according to city spokesman Jon Gargis.
Included in the sale is the 1.4 acre parcel on Pineview Street housing city hall. Gargis said the city plans to renovate its municipal court building, adding a second floor to house city hall personnel.
The purchase is a major step in the city’s push to redevelop its downtown area. In recent years, the development authority has been buying up properties in the city center, and possessed 17 parcels with an appraised value of over $4 million as of January 2021.
The redevelopment effort began in earnest with the construction of Thurman Springs Park, named for current Mayor Al Thurman, which will be adjacent to Novare’s development.
“Real estate experts have been telling us for years: Retail follows rooftops,” Thurman said in a news release. “City residents have been seeking new restaurants and other businesses for years, and this will create further potential for those entities to come to Powder Springs.”
The city estimates the mixed-use development will eventually be worth $38 million. The news release did not specify whether the residential units would be rentals or for sale, but Mayor Pro Tem and Councilman Henry Lust told the MDJ earlier this year the city hoped to see homes built in the mid-$200,000s to $300,000.