There are few things that move slower than a complicated, infill, redevelopment, so we wanted to update you on where we are.
The DDA is nearing the end of the RFP process to create an offer to purchase the Roswell Plaza property. After nearly a year of pursuing the termination, Family Dollar finally agreed to terms. That lease termination agreement was executed by City Council on June 6, 2018. It will now allow an offer to be specific as to the timing of a closing.
During the time the Family Dollar lease settlement was being pursued, Beecham/Ardent planned a multitude of options to deliver on the plan submitted in their proposal. Conditions to execute that plan included expanding to properties adjacent to Roswell Plaza to create a larger coordinated master plan. Three other property owners were engaged in many discussions and negotiations. This pursuit was complex given each owner having their own conditions related to price, timing and use. Further, the planning phase explored multiple mixed-use scenarios that included grocery, retail, office, a food hall, townhomes and multi-family. Parking deck designs were explored within the Roswell Plaza boundary as well as on the adjacent property. As the agreement with Family Dollar was being negotiated for lease termination, more than 35 concepts plan were produced by Beecham/Ardent as they evaluated them for financial and market viability.
Beecham/Ardent has informed us that they are prepared to submit their offer to the DDA. We will be sharing this offer with City Council and discussing next steps.