City Pays $40M for Beltline Park Land

ATLANTA-After four months of negotiations, Fulton County commissioners have agreed to sell the city the 137-acre Belwood Quarry site in northwest Atlanta for $15.2 million or $110,949 per acre ($2.54 per sf). The commission’s vote was 5 to 2.

As part of the deal, the city will pay quarry tenant Vulcan Materials Co. of Birmingham, AL $25 million to terminate its 20-year lease with Fulton County by 2008. The net price of the park land equates to $40.2 million or $293,431 per acre ($6.74 per sf), area brokers and marketers tell GlobeSt.com. County staffers tell GlobeSt.com Vulcan pays its lease monthly by providing 3,600 tons of gravel to the county’s construction department.

Fulton commissioners rejected the city’s opening offer of $11 million earlier this year and asked $20 million for the quarry site. The $15.2-million number was a compromise. Ray Weeks, chairman, Beltline Partnership Inc., represented the city in the land deal.