Friday, July 1, 2011

Mayor signs closing documents for sale of City Hall East

Posted By on Fri, Jul 1, 2011 at 3:26 PM

Ya know, we were wondering why a large crew of workers was stationed in front of City Hall East this morning.

Mayor Kasim Reed told WABE's Jim Burress that he's signed documents to transfer ownership of the 2 million square-foot brick behemoth to Jamestown Properties. The firm plans to transform the former Sears Regional Catalog Distribution Center into Ponce City Market, a mixed-use development including office, retail and residential spaces. (Here's a slideshow of some leaked renderings. And here's CL News Editor Scott Henry's look at the building's awesome interior.) So says Burress :

Reed confirmed he closed the deal on Wednesday, more than eight months after the city council agreed to a $27-million dollar price tag.

"I signed the closing documents for City Hall East, which is going to be a transformational project," Reed said. "So my mind is already on to finalizing the City Hall East transaction, which I think is going to be transformational to the Ponce de Leon corridor."

A spokesperson for Jamestown Properties, the parent company of the project's developer, declined to comment or offer further details on a timeline for the project.

From what we understand, Jamestown still has to sign some papers as well. So the deal's not technically done just yet. We're checking to see if this means Jamestown has resolved its dispute with the federal government involving $15 million in tax credits.

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