The Sandy Springs Performing Arts Center anchors the City Springs development, funded by a $159 million bond issue in 2015. The city is now laying the groundwork to refinance the bonds. HYOSUB SHIN / HSHIN@AJC.COM AJC FILE
Photo: For the AJC
Photo: For the AJC

Sandy Springs to receive $2 million from City Springs developer

Sandy Springs will receive $2 million in the sale of residential property at City Springs.

The city reached an agreement with Carter development firm on profits following its sale of apartments at the $300 million, 14-acre mixed-use development that includes City Hall, the Performing Arts Center, restaurants, shops and mid-rise apartments.

Before construction started in 2015, Sandy Springs sold property to Carter to build Aston City Springs apartments, City Attorney Dan Lee said. Part of the public-private partnership agreement was that if Carter ever sold the apartments and reaped a certain level of profits, Sandy Springs would get a share, Lee said.

City Springs opened in 2018. Carter sold Aston City Springs to Greystar property management company in December 2019.

“We believe this is a good settlement to settle our interests with Carter,” Lee said.

The settlement releases Carter from any damages or litigation in the construction of City Springs, Lee said.

Sandy Springs and Holder Construction, who was the general contractor for City Springs filed lawsuits against each other in 2019. The city accused Holder of poor construction work and Holder filed suit for nonpayment for work performed.

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