The revitalization of an old General Motors factory may cost some $75 million in public money for streets, bridges, water lines and more.
That taxpayer investment would come in addition to GM’s $60 million asking price for the 162-acre property, which sits at the key intersection of I-85 and I-285, near a MARTA stop just inside the northern perimeter.
The property’s sale to developers Integral Group and Macauley + Schmit could be completed as soon as next month, and then government officials would begin discussing how to fund the infrastructure improvements.
Doraville City Manager Shawn Gillen says he hopes the project will include some of the same features as Atlantic Station in Midtown: a thriving mix of shops, restaurants, condominiums, parks and corporate towers that could eventually provide up to 23,000 jobs.
“It’s a potential renaissance of the community that’s been a victim of plant closures like many other communities around the country,” Gillen said. “It makes us a destination for people to come to live.”
Up to $40 million of the public investment in the project could come through selling bonds, and that money could be used to leverage major federal grants for remaining infrastructure improvements.
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