Details emerge about Braves' secretive stadium deal, developer land grab in surrounding area
My, that area's become popular over the last few months!
- Courtesy SKCR Realty
- One of the three office buildings purchased by Scott & Associates on land adjacent to the possible future site of the Braves stadium.
One week ago today, metro Atlanta residents were digesting the Atlanta Braves' stunning announcement that the team would likely move from Turner Field to a new stadium in Cobb County. Bits of information last week provided insight to Cobb's enticing offer and Atlanta's failed negotiations. Now we're finding out more regarding the team's internal decision-making regarding the move and surrounding development deals.
The AJC spoke with six Braves executives - including CEO Terry McGuirk, President John Schuerholz, and Executive Vice President of Business Operations Mike Plant, among others - about how the $672-million stadium deal took shape. In Tim Tucker's article, which is worth a full read behind MyAJC.com's paywall, he outlines how team executives worked quietly and quickly - even staving internal rumors about a potential sale - to finalize the move.
Months ago, the executives agreed to a code of silence about what they were up to. They required the same from anyone they had to bring into the process as a deal moved closer to completion with Cobb.
"I couldn't be more proud of a group of senior executives than our group for getting this done in the manner we got it done and keeping it contained and completely confidential," Schuerholz said. "They worked tirelessly to get a process that ordinarily takes three or more years done in months without it becoming public."
Schuerholz acknowledged "some people are dismayed" by the secrecy that surrounded a matter so important to Braves fans and Cobb County taxpayers. "But it was the only way we could go about this," he argued, "because of the timing and the impact on our relationship and partnership with the city and our about-to-be-new partnership with Cobb County."
While the Braves were busy in secret negotiations, the area they were planning to call home was becoming quite popular. Prospective real estate investors over the past few months acquired land near the stadium's proposed site. Last Friday, the Atlanta Business Chronicle highlighted one noteworthy $45 million deal near the new stadium's proposed site:
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For Scott & Associates, a family-owned real estate investment firm in Atlanta, it's a case of being in the right place at the right time.
On Oct. 24, the firm bought Circle 75 Office Park, three buildings on Circle 75 Parkway in Cumberland Galleria, for $45 million. At about $62 a foot - less than half of what other comparable office complexes recently sold for - that's a smart deal in anyone's book.
Unbeknown to them, it was about to look brilliant.
Just weeks later, the Atlanta Braves confirmed they had the land adjacent to the Circle 75 buildings under contract.
Braves' officials registered its new stadium website two days before Scott & Associates purchase. According to the AJC, investors have recently bought "tens of millions of dollars" of land in the surrounding area.
Meanwhile, supporters and opponents of the new Braves stadium deal now are gearing up for the Cobb County Commission vote to approve the deal in eight days. As more information becomes available, and people digest the details, expect both sides to dig in for a last-minute kerfuffle.
An opposing website, 300millionreasons, points out the lack of a "complete financial plan that has been presented to the public." Cobb Chairman Tim Lee has predicted that the Board of Commissioners would unanimously approve the deal.
It'll be interesting to watch whether the rest of his colleagues follow suit, especially given the county's relatively-conservative population. Or maybe Cobb County is just really pumped about the Braves coming to town that they're willing to let all that silly "public funding" talk slide, all in the name of America's pastime, $15 beers, and Cheesecake Factory trams.