Transactions - AUGUST 24, 2016

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Georgia State University plans $300m redevelopment

by Andrea Waitrovich

The Georgia State University Foundation has finalized its purchase of Turner Field and the surrounding 67 acres from the Atlanta-Fulton County Recreation Authority. Terms of the sale were not disclosed; however, the sales price was estimated at $30 million. The Atlanta Braves organization will not renew its 20-year lease at Turner Field following the 2016 season.

Oakwood Development and Atlanta-based Carter & Associates were also participants in the purchase and sale agreement. Georgia State University and Carter are expected to invest up to $300 million over a five-year period for the redevelopment project. The acquisition of the Turner Field site by Georgia State University requires Board of Regents approval.

The plan for the site includes a football stadium and baseball complex, as well as retail, residential and student housing space. The Turner Field redevelopment is the cornerstone of the Turner Field Stadium Neighborhoods Livable Center Initiative.

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