Fulton County commissioners agreed Wednesday to lease property at the county airport for a warehouse development that supporters say will create at least 700 jobs.
By a unanimous vote, commissioners approved the lease with California-based developer Majestic Realty, which plans to build a 2.8 million-square-foot industrial logistics center on 297 acres at the Fulton County Airport. Fulton’s contribution to the $120 million development will be $4 million in federal and state grant money, though it will split the net income from the facility.
Majestic Realty has been mum about what companies will occupy the site. Sources familiar with the project have told The Atlanta Journal-Constitution that grocery store chain Kroger is considering opening a distribution center at the airport site. But Fulton officials said Wednesday that the site also could house e-commerce and energy companies, not just warehouses.
Majestic has agreed to conduct a labor study to aid in employing local residents.
“I’m very excited about the possibilities,” Commissioner Emma Darnell said. “Instead of just throwing the word `jobs’ around, this applicant is going to make sure something happens.”
Under the terms approved Wednesday, Majestic Realty will lease the property for 50 years. The county will still own the land, and it cannot be used as collateral for the development.
The company will build the facilities at its own expense near the western intersection of I-20 and I-285. It will share 50 percent of the profits with the county.
Under one scenario, Majestic will build a regional distribution center for an unnamed Fortune 100 company. Majestic estimates Fulton would receive up to $55 million in revenue over 50 years.
If that doesn’t work out, the company plans to build and lease a facility to other companies. That scenario could generate more than $135 million over 50 years, Majestic says.
Darnell called the financial benefit to the county “speculative.” But she said economic impact can be real if the site employs local workers.
Majestic officials have said construction could begin this year. But first the project will undergo an environmental impact review.
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