Stonecrest — well, technically its Urban Redevelopment Agency — now owns the building that has served as a sort of makeshift city hall.
But officials said that doesn’t necessarily mean the city’s much-discussed future “town center” is destined for that location.
The Urban Redevelopment Agency — the membership of which includes Stonecrest Mayor Jazzmin Cobble and the rest of the City Council — announced this week the purchase of the building at 3120 Stonecrest Boulevard. It cost about $5.8 million, which was covered by bonds issued by the redevelopment agency.
Officials said the purchase price was about $700,000 below the list price for the building, which also holds several other tenants. It was also many times cheaper than constructing a brand new building.
In a press release, Cobble said the purchase marked “a new beginning” for Stonecrest but said city officials were “still discussing plans to create an ideal ‘town center’ location.”
“We are committed to reviewing all options that will allow the city to build upon the community’s desire to create a sense of place within Stonecrest,” Cobble said. “Until those plans are finalized, the purchase of this site will give the URA the advantage of owning an asset that will appreciate in value while generating significant cost-savings.”
The URA is a entirely different entity than the Stonecrest Development Authority, the beleaguered and largely defunct organization started by now-former Mayor Jason Lary. In 2019, that authority issued some $700 million in bonds to developer Lecester “Bill” Allen, who aimed to create a sprawling mixed-use development in the city.
That project was already delayed by the COVID-19 pandemic before Lary resigned from office and pleaded guilty to federal fraud charges. He was later sentenced to serve nearly five years in prison and is scheduled to begin serving that term next month.
Current city leaders have since effectively cut ties with the Stonecrest Development Authority.
About the Author
