Eastpark Village: Kennesaw Revitalization Continues with the Largest Land Assemblage in the History of the City
The Meridian Real Estate Group recently closed on a land development deal representing Sanctuary Companies that will transform the area to the north of downtown Kennesaw along Cherokee Street into a vibrant mixed-use community focused on walkability and providing more diverse housing options.
The development called Eastpark Village is being designed by award winning architect Tony Miller, and will consist of 850 residential units along with approximately 300,000 square feet of commercial, retail, and office space. There will be shopping, restaurants, open markets, courtyards, and a network of sidewalks and strategically placed parks connecting the area to historic downtown Kennesaw. It is an estimated three year development project at $280 million with construction starting in January 2019.
A decade ago the City identified the area, that was underperforming economically and high in crime, as prime for redevelopment. The City had to modify zoning ordinances, adopting form based code, to set the stage for redevelopment in the area.
City of Kennesaw Zoning Administrator, Darryl Simmons stated that this is the largest land assemblage in the history of Kennesaw in terms of the number of parcels with individual owners assembled. He views this project, along with the Revival on Main in downtown Kennesaw and the Kennesaw Marketplace at the intersection of Cobb Parkway and Barrett Parkway, as catalyst projects that will change the direction of Kennesaw in a positive way and help to revitalize the entire area.
Tony Morris, of the Meridian Real Estate Group, worked diligently over the last three years to put this deal together and get it to the finish line. Darryl Simmons had this to say about the efforts of the Meridian Real Estate Group: “I think the reason why we were successful in getting this done is because you guys were really on your game as far as getting out there, talking to your clients, and talking to the property owners. Obviously this is the largest residential assemblage Kennesaw has had, you’re talking over 70 parcels in a small area. There’s a lot of ways it could have gone wrong. There’s a lot of things that could have derailed the project, but because of your diligent work and you guys hitting the bricks everyday to keep the project going forward, the assemblage part, which is the heavy lifting, was possible.”
Interested in buying a For Sale By Owner?
Properties being sold as For Sale By Owners or (FSBO’s) are more common than you might think – especially in a Seller’s Market. They account for about 8% of the properties currently on the market for sale. So if you’re currently considering purchasing a property you have, or, will likely come across one of these in your search.
Below are 4 things to keep in mind before purchasing one of these properties.
1. Get Agent Representation: Just because the Seller chose not to get representation doesn’t mean you shouldn’t. If you want to ensure the transaction is handled correctly and legally it’s vital that you get a professional to represent you. Market knowledge, proper Contract preparation, access to preferred vendors such as lenders, inspectors and closing attorney are just a few of the benefits of having a real estate professional represent you.
2. Negotiations: FSBO’s are rarely priced correctly. Almost all Sellers believe their property is worth more than it is and almost all Buyers believe a Seller’s property is worth less than it is. This disparity can often become frustratingly evident when dealing with a For Sale By Owner. This is why an Agent is so valuable in these situations. Having a professional negotiator on your side gives you access to real-time property comparable data to help navigate you through the offer and likely counter-offer process to get to the right price and Terms.
3. Home Inspection: An owner may not know that they are legally required to disclose known issues with their property, and that oversight could mean costly repairs for you down the road. A good home inspector can enlighten you on potential problems with the property while you are still in Due Diligence giving you an opportunity to renegotiate or walk away before its to late.
4. Adding Contingencies: Contingencies can allow you a valid way out of a contract should something come up during the Terms of the Agreement, such as hidden issues with the property arising during the inspection, the property not appraising for the sale’s price, or you not being able to acquire a loan. A real estate professional will have the needed expertise to guide you through these Contingencies and other important Contract items such as Exhibits, Amendments, and Special Stipulations. All of which, if crafted correctly, are designed to protect you and your hard earned money.
Contact us for more information on how we can save you time, money, and heart ache by professionally representing you with your next property purchase.