The South Cobb Redevelopment Authority paid $3.7 million Thursday for the Magnolia Crossing Apartments at 490 Six Flags Drive in Austell. Those apartments account for 33 percent of public safety responses on that road, have a high vacancy rate of 35 percent and are in disrepair.
Funding came from the $10 million redevelopment bond approved by the Cobb County Board of Commissioners and the authority in July.
With the property assessed at $4.2 million, the apartment complex will be demolished to market the land.
As of Friday, the Marietta Housing Authority is under contract to manage the property and oversee the demolition.
Both governmental authorities will help residents as they transition to new housing, said Dana Johnson, director of the Cobb County Community Development Agency.
After these transitions and the demolition, then redevelopment bids will be sought by the Marietta Housing Authority, Johnson added.
Since 2011, the South Cobb Development Authority has been authorized by the state to finance redevelopment activities through strategic investments, low interest bonds and land banking.
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