City to Buy Property Across From The Forum After Developer Bows Out

Tuesday night's City Council meeting began with proclamations and presentations - but finished with some surprising news - the city of Peachtree Corners is about to become a landowner.

Announced just a few months ago as the new developer of the "Roberts property," Bob Cheeley, has decided he will not follow through with the plans to purchase and develop the 20.6 acre tract of land across from The Forum.

"We were notified yesterday that Cheeley wasn't going to buy the property," said Mayor Mike Mason.

The city had placed a back-up contract on the land in the event the original contract was not executed so will follow through and purchase the land.

Mason said the contract requires that the city close within 25 days, but there is a provision for a two-week extension if it's needed. The city had put down $10,000 as earnest money on the back-up contract and now will pay an additional $190,000 in earnest money to fulfill the contract with Lennar, the current owner.

Because the city's contract has not yet been signed, the exact purchase price is not available but the mayor said he's "confident the city can find financing." Mason said the city would seek short-term financing.

While the city leaders were disappointed that the buyer had backed out, Mason said the city council looked at it as an opportunity to use the input from the Comprehensive Plan as a guide to developing the property.

The next step for the city is to organize a Downtown Development Authority (DDA) which will be tasked with finding a buyer to develop the land.

Patch will have more details on the DDA as soon as that information is available.

Editor's note: Look for more City Council meeting news later today on Patch about the proclamations and presentations made during Tuesday night's meeting.

Related articles:

Live Work Play Development Coming to Peachtree Corners

New Developer Steps In to Purchase Roberts Property

Property Across From The Forum to be Developed

Q&A On Roberts Land Purchase

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