The City of Peachtree Corners announced it will move from its current location to a nearby building in the coming months. After careful consideration, the mayor and council have made the decision to purchase a building located nearby rather than continue to pay for rental space.
The decision to purchase was based on several factors. Remaining at its current location, the city would be facing a significant rent increase. Conversely purchasing property would be a more fiscally prudent option as the new location, which has more square footage, will also allow the city to lease out a portion of the building, providing additional income which will offset the monthly cost.
The city is paying a monthly lease which means there is no accumulation of ownership equity, said the City Manager Brian Johnson. Renewing the lease at the current location would be less favorable as the lease rate was set to rise substantially. It simply a smart economic decision for the city to own rather than to continue leasing space.
The city has been operating out if its current location at 147 Technology Parkway since January 2013. The 12,500 square-foot office space is located in a building that is tucked behind another building making it often difficult for visitors to locate city hall.
Security concerns, lack of public meeting space were also factors in the decision to relocate. The current building, which was constructed in the 1970s, also does not provide public restroom access and is not fully ADA compliant.
Security is certainly a consideration as well, said Johnson. The buildings layout makes it impossible to provide the necessary security for our residents, visitors and staff. As a building that the public accesses daily, it is imperative that we provide a safe and secure environment for visitors and staff alike.
The new two-story building, located at 310 Technology Parkway, offers road frontage and clear visibility from the street. Each floor is about 30,000 square feet. City Hall will be located on the ground floor, the additional square footage will accommodate a larger council chambers and additional meeting space which would also be available for public use.
The cost of the building is $4.5 million and will be financed through the Georgia Municipal Association. The loan will be paid off in 15 years. A decision to transition from a city hall lease arrangement to one of ownership was also recently announced by the neighboring municipalities of Johns Creek and Dunwoody.
Purchasing a building in Tech Park represents an investment in the city itself, pointed out Mayor Mike Mason. The purchase will lend itself to our economic development plans to transform Tech Park into an innovation hub. It is taking a vacant building that six months ago was in foreclosure and returning it back to a productive use.
City leaders expect to move into the new space by the end of the year.