Georgia Tech wants financing for a $63M campus in Cobb

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Georgia Tech wants financing for a $63M campus in Cobb

CLARIFICATION: The project will be discussed by a Board of Regents real estate committee at Tuesday's meeting. No voting date has been set.

Officials with the University System of Georgia are set to discuss a $63 million proposal by Georgia Tech to build a new campus in Cobb County.

According to the agenda for the Board of Regents’ Tuesday meeting, Tech wants a lease-revenue bond package to acquire and renovate 32 acres of a Marietta facility owned by aerospace giant Lockheed Martin.

The renovations would include 755,000 square feet of office and warehouse space in four buildings, which previously housed operations for the F-22 Raptor fighter jet program that finished in 2013.

This is a map of the Lockheed Martin campus in Marietta that Georgia Tech hopes to acquire and renovate using a $63 million bond package. (Georgia Board of Regents)

Tech’s plan to purchase the Lockheed land was announced in June 2016 but, no building or financing plans were given at that time.

The Lockheed campus also has 20 acres of undeveloped land that Georgia Tech plans to acquire under a separate deal.

The agenda explains the school’s plans for the property:

“This ownership structure will allow flexibility for future development, such as opportunities for industry partnerships and investment. Over the long term, development of the entire 52-acre campus is expected to accelerate (Georgia Tech’s) research growth in national security, homeland defense, and commercial advanced technology initiatives.”

There’s already a Georgia Tech research facility at nearby Dobbins Air Reserve Base with labs for aerospace and electromagnetic research.

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