The Gwinnett County Commission voted unanimously late Tuesday to sell the site of the 1996 Olympic tennis center to Fuqua Acquisitions. Fuqua Acquisitions plans a Costco, four restaurants and 248 apartments, including affordable housing, on the currently vacant land.
Commissioners said they hope the sale will be a catalyst for reinvestment in the historically underserved Park Place neighborhood near Stone Mountain.
“We are excited about this development and what it means for current and future residents to have access to shopping, dining and employment opportunities right in their backyard,” District 2 Commissioner Ben Koo said in a news release. Stated. “The addition of green space will also complement Stone Mountain’s proximity to natural resources and make it a more inviting place for people to gather.”
Khoo and his colleagues were initially skeptical last year when developer Jeff Fuqua changed his proposal for the 26-acre site, which he pitched in 2020 as a shopping center on par with the one he developed in Peachtree Corners. He expressed a positive attitude. Fuqua also developed the retail portion of Sprouts-based Buford's The Exchange and Turist Park's The Battery.
But Fuqua said last year that most of the retailers his company worked with weren't interested in a location just east of Stone Mountain. Many nearby residents also supported a Costco in the area, noting that the closest Costco is 13 miles away in Duluth due to traffic congestion.
Fuqua did not name the proposed restaurant, but renderings suggest it will be Whataburger, a Texas-based chain that also has a location at The Exchange.
“We are proud to be a part of the redevelopment of the former Olympic Tennis Center,” Fuqua said in a news release. “We believe we have put together a great mixed-use redevelopment proposal that will greatly benefit this area of the county. Gwinnett County is a great place to do business and we are excited to develop another project here. I’m happy.”
One-fifth of the apartments, or 50 units, will be set aside for households earning up to 80% of the area median income. The development will also include green space with playgrounds and similar amenities.
Gwinnett County purchased the land for $1.2 million in a 2016 land swap with DeKalb County and demolished the stadium. The county, through its development authority, plans to sell the land for $5.6 million.
Fuqua and its development partners plan to spend approximately $158.8 million redeveloping the site, according to a news release. The project is expected to create 520 permanent retail and restaurant jobs, 300 through Costco, and about 400 construction jobs, county officials said.
The property is located within the Park Place Tax Allocation District, and property taxes go towards community improvements.
County Attorney Mike Ludwiczak told commissioners the development is expected to generate about $28 million in area redevelopment. Ludwiczak said a portion of the county's $4.4 million profit from the sale will also be reinvested in the Park Place master plan, which the board approved in December, which includes a more affordable It said it would include affordable housing and transportation improvements.
