The Marietta City Council voted Wednesday to buy Preston Chase apartments on Franklin Road and tear down the complex for development of a new city park.
The city will spend $2.7 million to buy the buildings and 13 acres of land. The money will come from the $25 million parks bond city voters approved in November. The city said the complex is now owned by Regions Bank, which foreclosed on the property for $7.5 million.
City Manager Bill Bruton said the Marietta Housing Authority will be asked to manage the complex until demolition and help residents find new places to live.
The complex is one of several along Franklin Road the city has tried to improve because of high crime. The city has gotten federal grants to drive out criminals while encouraging revitalization.
The council decided to make the purchase after talking with a citizens committee appointed to determine the best way to use the bond money. The city wants to improve existing parks as well as buy new parkland.
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