Multiple media outlets report Quarry Yards, the 70-acre mixed-use development on Atlanta’s westside, has sold for $127 million.
The project was expected to include the city’s largest park, a 177-unit quality workforce and an affordable housing community.
Last year, “Closer Look” host Rose Scott spent time on the grounds of Quarry Yards with principle developers Joel Bowman and Mark Teixeira of Urban Creek Partners.
At the time, the developers said they hoped to have a positive effect on the community.
“We don’t want the great history of Grove Park and Carey Park and some of these northwest Atlanta neighborhoods to go away,” Teixeira said. “Quite the opposite. We want to solidify that history … with better education for our kids, with better health for all of the residents and with jobs.”
On Thursday’s edition of the program, community leaders shared their response to news that the development was sold.
At the time of this conversation’s broadcast, “Closer Look” had not verified the name of the new owner of the development.
TJ Austin, former Grove Park Neighborhood Association president, said the news of the sale came as a surprise.
“I was kind of dumbfounded …” Austin said. “We have really invested a lot of time and energy and manpower into trying to create an equitable environment for this Quarry Yards development.”
Debra Edelson, executive director of the Grove Park Foundation, echoed Austin’s concerns.
“Whoever puts $127 million into that land is coming with an inordinate amount of fire power, investment power, economic power that needs to be moderated and carefully balanced … so that it does not push people out…” said Edelson. “And people of good intent sometimes don’t know their own market power.”
To hear the full conversation, click on the audio player above.