by J. Brooks Terry
Staff Writer
After putting the $23 million purchase on hold two weeks ago, the City Council’s Finance Committee unanimously recommended Monday that the City move forward in its plans to buy the Edward Ball Building downtown.
Money for the purchase was made available in a recently passed bond issue and proceeds from the sale of the present City Hall Annex at Newnan and Bay should cover much of the price.
“I do think this is a great deal for the City,” committee member Lad Daniels said. “The Ball building is built to last and, quite honestly, when talking about solid buildings it is second only to the Pentagon.”
Eleven stories high and more than 388,000 square feet, the building is expected to serve as a hub in the City’s proposed centralized government square near Hemming Plaza. It’s at the corner of Monroe and Hogan streets.
Council auditors previously expressed concern over how City departments making the move will fit in the building but City Real Estate Division Chief Bob Williams said those decisions have not been made.
However, a department by department “needs assessment study” is currently in the works, he said.
“Right now we’re still looking at the big picture, Williams said. “There is a transitional period ahead of us and as the tenants in that building move out over the next year or so, that’s when we’ll be able to move some of our offices in.”
That transitional period, when Wachovia Corp. employees relocate to offices throughout the city, will last from May 1 through early 2006, Williams said.
“The building is in excellent condition and it will greatly serve the City’s needs, “Williams said. “This is a wonderful investment.”
The existing commercial tenants, including Quizno’s Subs and Ray’s Cafe on the first floor, are not expected to go anywhere.
“We have no plans of asking them to leave,” he said. “Keeping them where they are reinforces the City’s vision for street-level commercial tenants.”
The City’s Public Works Department will oversee those lease agreements.
Addressing another Committee concern, Williams said the City has no plans to buy the land underneath the Ball building and its adjoining 448-space parking garage. Maintaining its $38,000 per year payments to three separate real estate trusts would prove less costly over time, he said. Based upon a prior agreement, that rate is fixed for at least another 40 years.
Legislation is expected to be filed soon that would cover the remainder of the approximately $16,000 balance of this fiscal year.
The building was purchased by Pennsylvania-based American Financial Realty Trust in May from Wachovia Corp. Since that time, the 2,000 bank employees who worked there have slowly been relocating to other offices across the city, vacating more and more space in the massive building every month.