Gwinnett closes on purchase of 103 acres from OFS in Norcross

The current OFS site near Norcross. Courtesy Gwinnett County)

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The current OFS site near Norcross. Courtesy Gwinnett County)

Gwinnett has closed on the purchase of over half of the OFS Brightwave Solutions site on I-85 at Jimmy Carter Boulevard.

Earlier this month the Urban Redevelopment Agency of Gwinnett with the Gwinnett Board of Commissioners, approved the issuance of $35.435 million in Series 2018 revenue bonds. At an interest rate of 3.9 percent for the 20-year issue, the annual debt service will be about $2.5 million.

The property is within the Gwinnett Village Opportunity Zone, making it eligible for URA financing. OFS is expanding its optical fiber manufacturing operations on the 66 acres they will retain.

Board of Commissioners Chairman Charlotte Nash said the land and buildings in this acquisition will continue to be used for feature film productions even as the county seeks a private sector partner to create an urban style mixed use community on the site. In addition, a portion of the site will likely be used for a multi-modal transit station in the future.

OFS will lease back roughly 60,000 square feet of office space in Building 20 for three years and maintain ownership in all areas of manufacturing.

Revenues from ongoing film production plus lease payments from OFS are projected to cover the annual debt service over the life of those arrangements. OFS will continue to manage and operate the studio space on behalf of Gwinnett.