Atlanta close to lease deal on Lakewood property

By Eric Stirgus

The Atlanta Journal-Constitution

Atlanta believes it is close to a deal to lease some prime space at the Lakewood Fairgrounds, city officials told The Atlanta Journal-Constitution Tuesday.

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Atlanta Preservation Center Atlanta has been trying to lease the Spanish-style buildings at Lakewood for about two years.

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The city is negotiating with a motion picture company to lease four buildings at the Fairgrounds, said John Lavelle, the city's director of real estate. Lavelle declined to name the company or discuss the terms of the proposal.

The Fairgrounds are located near I-75/85 before it splits in southeast Atlanta.

Atlanta has been trying to lease the Spanish-style buildings for about two years, Lavelle said.

"We've had a lot of people come and kick the tires," Lavelle said.

Lavelle said he hopes to have a concrete deal in about two weeks. He said the city believes it's better to lease the property than sell it because of the down real estate market. Atlanta would have more control over the buildings, Lavelle said.

The city is looking for more revenue as Mayor Kasim Reed prepares to unveil a budget proposal that he said last week has a $50 million shortfall.

The Atlanta City Council last year approved a 25-year lease agreement with Live Nation, the world's top concert-promotion company, to operate the Aaron's Amphitheatre at Lakewood, which is on the Fairgrounds property.