Less than a year after Morris Brown College rejected a $10 million offer from Atlanta to purchase its property, the parties may soon revive talks.
Jones Lang LaSalle, the real estate firm charged with selling Morris Brown’s 37-acre campus, recently sent a letter to Atlanta Mayor Kasim Reed to gauge his interest, the Atlanta Journal-Constitution has learned through an open records request.
Atlanta officials haven’t officially responded to the March 3 request, but Reed said Friday the city is willing to return to the negotiating table.
“Let me be very clear in my thinking about Morris Brown. There’s getting ready to be a $1.2 billion investment on that corridor,” he said, referring to the future Atlanta Falcons stadium. “It makes sense for the city to control a strategic asset to be developed with the strength of the community in mind.”
The historically black college has been embroiled in bankruptcy hearings over the past several months, but recently won court approval to sell its land. The school faces about $30 million in debt.
Complicating the sale is an agreement with Clark Atlanta University involving 17 acres the university long ago gave Morris Brown. The agreement requires the land be used for educational purposes, or be returned to Clark Atlanta.
If Atlanta purchased the property, the city could potentially sell or lease portions to other entities, such as Friendship Baptist and Mount Vernon Baptist churches, while allowing Morris Brown a space to operate.
Both churches sold for millions last year to make way for the new football stadium, which will be located at the intersection of Martin Luther King Jr. and Northside drives.
Morris Brown President Stanley Pritchett referred questions about the campus property sale to Jones Lang LaSalle.
Company representatives would not comment on whether any previously interested parties, including the City of Atlanta or Mount Vernon and Friendship Baptist churches, had been contacted about the property.
Lloyd Hawk, chairman of Friendship’s board of trustees, told The Atlanta Journal-Constitution church leaders would be interested in meeting with city and Morris Brown officials.
The college reportedly would prefer to sell its property to one party. Reed said he worries about the type of development that could occur, particularly if sold to a developer “whose sole focus is making a profit.”
Reed fears the area turning into a “swap meet” if developed into low-end stores.
“The city has the ability to invest with patience and think long-term about that asset with respecting the community,” he said.
Once required legal documents are filed with the bankruptcy court – and if there are no objections to a sale filed by the March 21 deadline – the campus property would be put on the market. April 30 would be the likely deadline for submitted bids.
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