Alpharetta GA has a new suitor for Prospect Park, which unfortunately has most recently been an unsightly gateway to the city off GA Hwy 400 in recent years. The massive development on Old Milton Pkwy was started by Stan Thomas, a successful national developer before the project was forced into Chapter 11 at the onset of the recession.
According to the AJC, North American Properties intends to purchase the property and build a scaled-down version of the original plans. North American, also the new co-owner of Atlantic Station, has announced plans to hold public meetings this fall to discuss their new plans.
In addition to bringing the project back to life, the new owners also offer new hope for the completion of the last leg of Westside Pkwy. The roadway was planned as part of the original Prospect Park site plan and the road bed was cut before the bankruptcy. More recently, Alpharetta city officials had hoped to gain control of the road from Wells Fargo, the current owner, but was unable to negotiate successfully with the bank.
While North American officials have stated their intention to turn the property over to Alpharetta, no timetable for the conveyance has been set. Alpharetta Public Works Director Pete Sewczwicz estimates that downtown traffic of GA Hwy9 could drop by as much as twenty percent and help with backups on GA Hwy400.
Recently I’ve also heard local rumors that a soccer complex may be built on the Prospect Park site while waiting for greater demand for commercial development. Here’s hoping the AJC has the real scoop and that plans go forth in a manner that benefits the city both short and long-term.