Atlanta Churches Ponder The Almighty Dollar
Courtesy of Atlanta Business Chronicle
Since 2014, churches in metro Atlanta have sold almost 530 acres for a total of $128.5 million, according to data from CoStar Group. This year alone, there have been 38 transactions, representing a total sales volume of $44.7 million.
The average sales price for a church and its land is near $1 million, according to CoStar Group.
According to this week’s Atlanta Business Chronicle, there is a growing trend of local churches that have sold or are considering selling property.
Take Friendship Baptist Church, which spent a year deciding whether to sell its property to make way for the new Mercedes-Benz Stadium. Ultimately, the church and another, Mount Vernon Baptist Church, decided to move. Friendship got $19.5 million in the deal and now is building a new church home just three blocks away on a site that’s part of the Atlanta University Center.
St. Mark United Methodist Church is considering selling property at 5th and Juniper Streets. In exchange, the church could get several million dollars, a new parking deck and a home for Lost-N-Found Youth, an organization that assists homeless LGBT youth. It could get about $4 million per acre.
Amy Wenk covers hospitality, retail and restaurants.
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