The Coweta County Development Authority approved an intergovernmental agreement on Thursday accepting the county administration building and parking lot in Newnan for redevelopment.
Although the authority members did not discuss the agreement, a copy posted online specifies that the 1.93-acre property at 22 E. Broad Street shall be sold for $2 million to an unnamed developer.
“The developer shall design and construct a mixed-use development on the property consisting of a hotel, office building, townhomes, and a parking deck,” the agreement states. “In addition, the developer shall provide the County a rent-free lease for up to two years to accommodate existing office space or provide additional compensation to lease adequate space at a mutually agreeable location.”
The agreement will last for two years. If by that time the building has not been sold to a developer, the authority will be required to transfer the property back to the county.
The city of Newnan purchased the old Caldwell Tanks site at 57 E. Broad Street across the street from the county building in March 2021. It has been discussing how to develop the property, but has no firm plans.
The County Commission previously approved the intergovernmental agreement at their meeting on Tuesday.
“We will arrange a meeting with the city of Newnan to talk about ideas and commonalities that we can look at 22 E. Broad Street and 57 Broad Street to see if we can complement each other,” Commission Chairman John Reidelbach had said during the commission meeting.
