The economic news for Sandy Springs went from a low boil to nearly overflowing during the first week of 2012, as the city made headway on some of its long-standing initiatives.
A new company announced it will move into the city; City Council passed a moratorium designed to keep a “big-box” store out of the city’s downtown; the council recruited residents to serve on an economic advisory committee; and the city government advertised that it wants a developer to help define its downtown area.
Some economic news unrelated to city government also came to light in recent weeks. Bisnow Atlanta, a real estate publication, reported on Jan. 5 that in November the $38.2 million loan for CityWalk was foreclosed on. The property has been in receivership since 2010. Jon Barry, with the Atlanta branch of Colliers International, the company a judge appointed to oversee the property, said in an email that the foreclosure has been delayed and that the company is “logging interest” from investors.
City leaders said the rapid-fire release of economic news during the first week of 2012 is pure coincidence, though much of it is the result of council prioritizing and planning.
“Economic growth is much on my mind as well as with our council,” Mayor Eva Galambos said. “We are going to be more aggressive about reaching out to garner new firms and redevelopment within our city.”
“A lot of this stuff has been going on for quite a while,” Councilman Gabriel Sterling said. “Some of them have a slow burn before they come to fruition.”
During the infancy of 2012, the city’s residents learned that:
– Graphic Packaging made official what had long been reported, that it was moving its corporate headquarters from Marietta to Sandy Springs, lured by economic incentives offered by the city.
– The city announced it is asking for a request for qualifications and a request for information from companies interested in helping the city develop its downtown area. Council members said this meant the old Target property, which the city purchased in 2008, was not the only site being considered for a municipal government complex.
– City Council on Jan. 3 passed a 90-day moratorium on accepting applications from developments larger than 30,000 square feet in response to unconfirmed rumors that there was a new Walmart planned in Sandy Springs.
– The city on Jan. 3 appointed an economic development advisory committee to provide input on how to grow the city’s economy. The members are: Frank Bishop, partner with AL III Management Co.; Chris Burnett, CEO of Cornerstone Bank; Pat Chesser, Ackerman & Co.; James Comerford, managing director of Proscenium Capital; Eric de Groot, lobbyist and founder of the Holland America Chamber; Alan Herrick, president and CEO of Sapient; Graham McDonald, attorney and owner of O’Daniel McDonald LLC; Kevin Moyer, founder of KAM Asset Management; Charles Roberts, CEO of Roberts Realty Investors Inc.
