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Saturday, August 27, 2016

Cousins Properties Close on Decatur's Callaway Building Site

From: from ajc.com
http://www.ajc.com/news/news/local/decatur-cousins-properties-close-on-callaway-build/nsM3q/
Cousins Properties closed with the Decatur Urban Redevelopment Authority on the five-acre Callaway Building site in downtown Decatur late Friday afternoon. Assistant City Manager Lyn Menne wasn’t certain of the final costs, though Cousins will reimburse the city the $5.12 million it paid DeKalb County for the building two years ago.

Cousins will also reimburse the city for attorney fees and for interest on the bond Decatur issued to pay for the Callaway property.

Cousins’ planned a mixed-use project for the site including 329 apartments and a 40,000-square-foot, four-story structure, with a ground floor for retail and the upper three stories for office only. (Decatur hasn’t had a new downtown office building since 1991).
The closing came on the same day the Atlanta Journal-Constitution reported that five developers, including Cousins, received letters from DeKalb County saying the county sewer system lacks adequate capacity for their projects.

The letter was issued months after DeKalb initially reviewed the project and told Cousins that there was capacity, Menne said. As it stands, the developer now has to pay for both sewer upgrades and a tap fee of approximately $1,700 per unit to connect to DeKalb County Sewer.
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