According to Peachtree Corners Community Development Director Diana Wheeler, the city’s plans for a new town center are moving forward with hopes for a fall groundbreaking ceremony.
The city is working now to review and permit construction plans and finalizing an agreement with the developer for sharing of the site development costs.
Peachtree Corners Downtown Development Authority purchased 21 acres across from the Forum shopping center for the project, with the city borrowing $11.5 million. The plan is to sell about 13 acres to the developer, retaining 8 acres for the town center, roads and nature trail along the creek. This will leave roughly $4.5 million in debt. The city anticipates refinancing the remaining debt at a lower interest rate, currently 3.5 percent, at closer to 1.5 percent. Peachtree Corners anticipates this refinancing will save roughly $300,000 per year in interest payments.
About the Author
