ATLANTA—If you're not fighting an eminent domain battle, you may be soon. With so much construction in Georgia, it's possible the government will want the land where your commercial real estate building sits in the not-to-distant future.
GlobeSt.com caught up with Christian Torgrimson, founding and managing partner of Atlanta-based commercial real estate law firm Pursley Friese Torgrimson, LLP, to get some answers in part one of this exclusive interview. You can still read part one: Legal Q&A: What Georgians Need to Know About Eminent Domain.
GlobeSt.com: How is land value determined and how can you get the most for your property?
Torgrimson: Just and adequate compensation is measured by fair market value, which is based on the price agreed on between a willing buyer and a willing seller in the market. However, property valuations and what elements can be included in compensation are tricky.
Along with the value of the land actually taken, owners are entitled to “consequential” damages to any remaining land they have left caused by the taking and the project. Consequential damages can be complicated. To ensure full just compensation is received, owners should seek a qualified eminent domain attorney who understands the complexities and knows the government representatives involved in the negotiations.
GlobeSt.com: Do landowners get reimbursed for the money they spend fighting the initial valuation?
Torgrimson: No. Property owners must spend their own money to receive the just compensation they are entitled to under the constitution.
GlobeSt.com: What are some current and future projects in metro Atlanta that will likely impact property owners?
Torgrimson: As a number of condemnation projects across the city illustrate, road and highway construction have been the main drivers of eminent domain use around metro Atlanta. Properties along some of GDOT's largest active projects, such as the I-75 Northwest Corridor and I-285-SR 400 Interchange, have been severely impacted by condemnation.
Another ongoing Atlanta project that has and will likely impact owners is the Beltline. Particularly as the Beltline expands to the west side, owners with land adjacent to the Beltline not only face added land use and zoning burdens, but also could see the use of condemnation against their property
Aside from active projects, some owners may benefit from learning of potential, future public works projects that are on wish lists or in design stages today. Often, projects are vetted and designed years in advance of when the use of condemnation occurs. For instance, the proposed 15th Street Bridge expansion in Midtown that would extend 15th Street to Williams could potentially impact several property owners and businesses in its path.
(Check out the top regulatory issues developers need to keep in mind in the Atlanta metro.)
ATLANTA—If you're not fighting an eminent domain battle, you may be soon. With so much construction in Georgia, it's possible the government will want the land where your commercial real estate building sits in the not-to-distant future.
GlobeSt.com caught up with Christian Torgrimson, founding and managing partner of Atlanta-based commercial real estate law firm
GlobeSt.com: How is land value determined and how can you get the most for your property?
Torgrimson: Just and adequate compensation is measured by fair market value, which is based on the price agreed on between a willing buyer and a willing seller in the market. However, property valuations and what elements can be included in compensation are tricky.
Along with the value of the land actually taken, owners are entitled to “consequential” damages to any remaining land they have left caused by the taking and the project. Consequential damages can be complicated. To ensure full just compensation is received, owners should seek a qualified eminent domain attorney who understands the complexities and knows the government representatives involved in the negotiations.
GlobeSt.com: Do landowners get reimbursed for the money they spend fighting the initial valuation?
Torgrimson: No. Property owners must spend their own money to receive the just compensation they are entitled to under the constitution.
GlobeSt.com: What are some current and future projects in metro Atlanta that will likely impact property owners?
Torgrimson: As a number of condemnation projects across the city illustrate, road and highway construction have been the main drivers of eminent domain use around metro Atlanta. Properties along some of GDOT's largest active projects, such as the I-75 Northwest Corridor and I-285-SR 400 Interchange, have been severely impacted by condemnation.
Another ongoing Atlanta project that has and will likely impact owners is the Beltline. Particularly as the Beltline expands to the west side, owners with land adjacent to the Beltline not only face added land use and zoning burdens, but also could see the use of condemnation against their property
Aside from active projects, some owners may benefit from learning of potential, future public works projects that are on wish lists or in design stages today. Often, projects are vetted and designed years in advance of when the use of condemnation occurs. For instance, the proposed 15th Street Bridge expansion in Midtown that would extend 15th Street to Williams could potentially impact several property owners and businesses in its path.
(Check out the top regulatory issues developers need to keep in mind in the Atlanta metro.)
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