By Special to the Daily World
APS has finalized the purchase of a 56.6 acre land parcel in Buckhead for construction of a new high school.
APS’ share of the cost of the property is $55.3 million. IBM, which currently occupies the site, will pay $23.6 million to the former property owner, Jamestown Properties, to satisfy the remainder of its lease agreement.
The land parcel will become the site of the new high school, which will replace North Atlanta High School.
The newly refurbished North Atlanta High School will be converted to a middle school for the area, replacing Sutton Middle School. The new school is scheduled to open in August 2013.
Plans are to retain many of the existing structures on the property, including a parking deck and lots and buildings. The total estimated cost of the project is approximately $100 million, including the cost of the land.
“I want to thank IBM and Jamestown Properties for their partnership in completing this transaction in a timely fashion,” said Larry Hoskins, APS Chief Operating Officer. “We entered into a very equitable agreement for a prime portion of real estate in a highly competitive section of the city.”
“Atlanta Public Schools identified the property as a strategic site, and we recognized that a mutual commitment to the future development of the property would be possible by working with the school board on the purchase,” said Matt Bronfman, director of Jamestown Properties. “We believe the site will serve as an asset to the school system and become an integrated part of the Buckhead community.”
The sale was finalized May 2.