ATLANTA (Oct. 18, 2010) - Atlanta Public Schools' search for a site for a new "Buckhead High School" has sparked controversy and a potential tug-of-war with a well-known developer.
According to reports in The Atlanta Journal-Constitution and Creative Loafing, APS has its sights set on The Paces Apartments (left) for the new high school. This garden-style apartment complex has been talked about as a potential site for months, and APS confirmed its interest in a letter threatening its owner with condemnation through eminent domain, according to the AJC and CL.
The Paces Apartments was officially identified as a coveted site by NPU-B member Sally Silver, who told AJC reporter Kristina Torres that Paces Apartments owner John W. Grant asked her for help after he received a letter "suggesting the system may try to seize the property through eminent domain."
That's where the controversy comes in. The idea of eminent domain has been a hot topic since the U.S. Supreme Court's ruling in Kelo v. City of New London (Conn.). Some residents doesn't like the idea of the government telling them whom they can sell their property to, or being forced to sell it against their will - even if it's for the public good or to further economic development.
And here's the rub from the commercial real estate aspect. The Grant family has hired CB Richard Ellis multifamily power brokers Malcolm McComb, Paul Berry and Kevin Geiger to sell the apartment complex, and they have a very interested buyer.
While the potential buyer has not been identified, we hear it's former Post Properties CIO Tom Senkbeil. He's a major player in commercial real estate, and a sale to a Senkbeil-led team probably would bring a higher price than a sale to the public school system.
The Paces Apartments site seems like a good one for Buckhead High, but it might not be worth the fight.
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