Shortly after I joined the Fort McPherson Redevelopment Board in 2006, we began working on a plan to transform a walled-off military facility into what we hoped would be a transformative asset in south Atlanta.

After surveying best practices across the country and talking with residents of these long-neglected neighborhoods — particularly Sylvan Hills, Oakland City, Venetian Hills and East Point — we developed a vision for the site that would bring much-needed green space and private investment to an area with high rates of unemployment and poverty.

We recognized from the outset that this once-in-a-century opportunity would require a public commitment of resources and attention. Given the record of success of similarly sized public investments in Atlantic Station and Ponce City Market and the large investment in the Beltline, we were confident we could make a compelling case for Fort McPherson. In many respects, Fort Mac — with its proximity to the airport, access to MARTA and 125 acres of green space just south of the Beltline — was a better candidate for public investment than many that preceded it.

What we underestimated, however, was the degree to which south Atlanta’s lack of political clout would undermine efforts to attract public investment. At no point did Atlanta’s political leaders put this project on the top of their priority lists. At no point did they fight for the interests of the citizens of south Atlanta.

For the past three years, the city’s leadership has treated Fort Mac as a problem, not an opportunity. So instead of creating a valuable community asset that would spark regional revitalization, we got a backroom “friends and family” deal that hands off most of this asset for a fraction of its value. Once we sell these 331 acres of public land — with beautiful historic buildings, an underground stream and a golf course — to filmmaker Tyler Perry, a private owner who will build a walled-in studio complex, we won’t get it back.

What will the public retain? Total acreage the “size of Atlantic Station” — except it is low value, highly fragmented and largely industrial. Many of the remaining sections will back up against studio walls. Plus, this retained property must be used to meet all federally mandated homeless requirements. With the Fort McPherson board’s decision to acquiesce to Mr. Perry’s most recent demands, public access will be further reduced. Rather than using the attractive assets of the site to unlock the value of the entire region, we are giving away those assets and significantly compromising the development potential of the balance of the property.

While I have nothing against Mr. Perry, let’s be clear: We are giving him a gift, not the other way around.

Most of the reporting about this deal will be positive. The Army will be paid and happy. The mayor will get this off his to-do list, and he will be praised for bringing a celebrity to south Atlanta. Perry will get cheap land near the airport. But the other stakeholders — south Atlanta and the citizens of Atlanta in general — will never know what might have been.

Is there an alternative? Taking the harder, longer road, for one. Right now, coming out of a recession, there is no great short-term option waiting in the wings beyond the state’s previous $9.5 million offer to purchase a building and some property; but time could make a big difference. The city kept City Hall East for 20 years, rather than sell or demolish it in 1989. Aren’t we now better off with the Ponce City Market?

Getting a better deal here will require leadership. State and city investments — including a tax allocation district and a share of the city’s pending infrastructure bond — could pay the Army and fund the creation of the park and perhaps a connection to the Beltline. Most importantly, we would need to have open and honest discussions with the community about the large long-term benefits that would accrue to their neighborhoods at the risk of forgoing much smaller short-term gains.

Our city suffers deep disparities in wealth and living conditions. Atlantans are among the least economically mobile people in the country. It is in all of our interest to promote and accelerate prosperity in our struggling neighborhoods. We are on the cusp of losing perhaps the most important opportunity to address these disparities in our city, one we will not see again.

Ayesha Khanna, a nonprofit executive, was a member of the civilian authority overseeing the redevelopment of Fort McPherson until Mayor Kasim Reed recommended her removal.