The General Motors plant in Doraville, at long last, is in the hands of a redevelopment team.
Representatives of a joint venture that includes Atlanta-based The Integral Group and Macauley+Schmit, and Houston-based financial partner CAMS, said Wednesday the closing is finished. They had hoped to close the deal last week.
The team has declined to disclose a purchase price for the 165-acre site, but GM’s asking price has been about $60 million. A GM representative confirmed the finished deal Wednesday afternoon.
When the GM plant near the Perimeter and I-85 closed in 2008, it wiped out more than a third of Doraville’s employment base. Redevelopment of the sprawling site has long been seen as both a daunting challenge and ray of hope for Doraville, a north DeKalb city of about 8,500 people.
Previous attempts to sell the site to developers haven’t panned out.
The Integral team has described a desire to build a “walkable” and “mixed-use community” tied to nearby MARTA rail, but the group has not developed a formal plan. The team said last week they will announce a planner this month and demolition of the factory will take about eight months.
Folks economic development circles have long discussed the site for its potential as a new Doraville downtown and as a location for a corporate headquarters.
City officials have previously said the Integral team has embraced the city’s master plan for the plant, including millions of square feet of office space, along with research centers, shops, parks and housing.
About the Author
