Stonecrest purchases city hall building
Officials from City of Stonecrest’s Urban Redevelopment Agency (URA) announced on Nov. 3 that city officials purchased the building that houses Stonecrest City Hall and several other tenants from Stonecrest Center LLC.
The property—located at 3120 Stonecrest Boulevard—is a 54,000 square foot building that is home to Stonecrest City Hall and Strayer University, among others. A press release states Stonecrest’s URA purchased the building for $5.8 million.
“The transaction was financed by the URA’s issuance of $6,050,000 in original aggregate principal amount of its Revenue Bond (City of Stonecrest Project), Series 2022A and its Revenue Bond (City of Stonecrest Project), Federally Taxable Series 2022B (collectively the “Bonds”),” the press release states.
City officials said the bond issuance and real estate transaction both closed on Oct. 31.
Stonecrest officials did not say what the plans for the building are at this time, but the press release said they are still discussing plans to create an ideal “town center” location despite the purchase of the property.
“The closure of this transaction marks a new beginning for the City of Stonecrest,” said URA Chairwoman and Mayor Jazzmin Cobble. “As we continue to move Stonecrest forward, the acquisition of this property places the [city] in a great position to ensure the current and future well-being of our community.”
“We are committed to reviewing all options that will allow the city to build upon the community’s desire to create a sense of place within Stonecrest,” added Cobble. “Until those plans are finalized, the purchase of this site will give the URA the advantage of owning an asset that will appreciate in value while generating significant cost-savings.”
City officials said the purchase also saved taxpayers money compared to building a new structure for city hall.
According to the press release, the originally asking price for the building was $6.5 million.
“To build a Class A, multi-story, office building in 2022 averages $500 per square foot, which brings the URA’s purchase to about one-fifth of that price,” the press release states.
