Peachtree Corners will spend $4.5 million to purchase a building and relocate city hall rather than continue to pay for rental space. The purchase will be financed through the Georgia Municipal Association and paid off in 15 years.
Remaining at its current location, the city would be facing a significant rent increase. Purchasing the property presents a more fiscally prudent option since the new location has more square footage, and will allow the city to lease out a portion of the building, providing additional income to offset the monthly loan cost.
“The city is paying a monthly lease which means there is no accumulation of ownership equity,” said the City Manager Brian Johnson. “Renewing the lease at the current location would be less favorable as the lease rate was set to rise substantially. It’s simply a smart economic decision for the city to own rather than to continue leasing space.”
The city’s current 12,500 square-foot office space at 147 Technology Parkway is behind another building, making it often difficult for visitors to locate city hall. Other factors include security concerns, lack of public meeting space, public restroom access and full ADA compliance.
The new two-story building, at 310 Technology Parkway, offers road frontage and clear visibility from the street. Each floor is about 30,000 square feet. City Hall will be on the ground floor, and will accommodate larger council chambers and additional meeting space which would also be available for public use.
City leaders expect to move into the new space by the end of the year.
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