Property owners seeking $400K an acre

The vacant land at the corner of Ga. Highway 54 and Walt Banks Road was supposed to turn into a vibrant shopping area with loft apartments.

Instead it sits there, undeveloped except for some grading that has been done nearby and a street that has been cut through off Walt Banks to reach restaurants and a drugstore further east. Residents of nearby Lexington Park have complained about the rough hewn look of the area, wondering when construction activity would begin on the project called Lexington Circle.

But a high price tag on the land might prevent anything from happening in the near future on the two properties remaining to be developed on the corner of 54 and Walt Banks, the city’s Development Authority was told Monday night.

Representatives for both owners indicated their clients are holding out for $400,000 an acre for the commercially zoned property. By comparison, one authority member noted that the recent sale of the property for the third phase of the Kedron Village (Target) shopping center was closer to $100,000 an acre.

Another comparison to the Target shopping center expansion was made by City Planner David Rast: a shopping area that size could be replicated at Lexington Circle.

Rast said he would like to see the property rezoned for residential use though he was clear he didn’t want to reduce the potential value of the property. The residential component of the mixed-use project has already been used, with the recent addition of a townhome element to the area, thus the rezoning would be required for any more residential units to be constructed.

Real estate agent David Rossetti, who represents one of the property owners, said a high-rise upscale condominium complex might be the only residential project that could reap the price the landowners are seeking, though it would not be appreciated by nearby property owners and likely others, as such a project has never been built in Peachtree City.

The parcels’ proximity to Holy Trinity Catholic Church, which is directly across Walt Banks Road — has also been a problem, as that means no alcohol sales permits will be allowed on at least part of the two parcels, which stunts the possibility of upscale restaurants in large part, officials said.

Rast said the City Council has asked him to get in touch with the property owners for a meeting, and he suggested the possibility of the city hosting a design charrette to envision how the remainder of the undeveloped property will be built. That would allow other citizens to have input on the project too, Rast noted.

Rossetti and fellow agent Rick Schlosser said they would bring that suggestion back to their clients to see if they were amenable to the concept. Schlosser said if he and Rossetti owned the land, they certainly would want to develop it quickly.

Schlosser said that Jack Miller and Jim Webb, who co-own one of the undeveloped parcels, might be amenable to a residential use for the property. The other property owner involved is Bill Lassiter of Palm Beach Properties, who has owned the land located directly at the corner of Walt Banks and Hwy. 54 since 1973. The parcel has been the subject of several lawsuits Lassiter filed against the city, culminating in the limited use commercial zoning that was approved by the City Council in 2001.

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