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Dunwoody leases vacant building to Emory
by Sarah Anne Voyles
svoyles@neighbornewspapers.com
October 01, 2013 05:23 PM | 1717 views | 0 0 comments | 5 5 recommendations | email to a friend | print
The vacant building at 4555 N. Shallowford Road in Dunwoody may have a new tenant this month.

Emory Healthcare is looking into the possibility of opening an outpatient surgery center in the city, according to a statement. At a recent Dunwoody City Council meeting, the council approved a lease agreement between the city and Emory Healthcare. The lease is for the next 10 years and the city will earn $1.2 million in revenue.

“The lease agreement with Emory and the city of Dunwoody will not only put a vacant building which it owns to good use, but it will also realize a financial return of approximately $1.2 million over the length of the 10-year lease,” Bob Mullen, city spokesman, said. “Additionally, this lease will create good jobs and help to create activity on the property.”

The city is not required to make any renovations to the property with the lease. Emory will be responsible for all tenant improvements to the building and maintenance of the grounds at their expense. Following a six month rent abatement, during which Emory will make renovations, the city will be paid $5.40 per square foot on a monthly basis with a 2.5 percent annual escalation.

The council was first presented the lease agreement at a special called zoning meeting last month. At the meeting, council members John Heneghan, Terry Nall and Doug Thompson said they were all for the lease since it would provide more revenue for the city and create jobs.

“I am all in favor for this,” Heneghan said. “This puts a big chunk of property together that we can collect money on and in about 10 years or so we have land for a large park and/or a city hall location depending on the will of council.”

The city bought the building in 2012, as part of the Project Renaissance Redevelopment Initiative. Based on a timeline for redevelopment of the area, staff expects the property will not be needed for the next 10 years. The city also owns the adjacent building, which has a ground lease until 2022 and the lease prohibits the city from redeveloping the five acre parcel.
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