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Caldwell Tanks Public-Private Development Proposals

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Real Estate Agent with Newnan - Peachtree City and surrounding areas Broker GA: 415935

Newnan  Demolition work has been ongoing at the old Caldwell Tanks site located at 57 E Broad in Downtown Newnan just East of the Court Square.  The Newnan City Council held a public hearing last week where two companies submitted initial proposals about potential development plans for the 5 acre site.  The city of Newnan purchased the property after the community balked at a private development proposal for a large apartment community.  Public Private partnership developments have become increasingly popular around the country particularly in situations like this where central city core revitalization efforts are aimed at positive growth measures and good urban planning. 

Caldwell Tanks Demolition

Proposal one was made by Mallory and Evans Development who envisioned a boutique hotel with a conference room, 30 to 35 thousand square feet of office / retail space without a large anchor tenant.  The project would also consist of approximately 125 single family, fee-simple private ownership townhouses.  They also talked about a parking garage structure to meet the needs of the development and possibly be a revenue generation object for the city as well with possibly 300 or so parking places.  

The second proposal was made by Sagestone Partners & Packard Capital.  This is the same group that built the Judicial Center, and remodeled the courthouse. They proposed a hotel as well with 100 to 120 keys but possibly up to 150 keys.  The firm suggested it would work with a flag ship hotel company such as Hilton, Marriot or the like who offer a variety of brand options for this type of project.  The proposal included mixed ownership and rental town homes, and commercial space that might include food and grocery.  They were not apposed to an anchor tenant but suggested that if one were to be included that the space could be designed such that it could be easily changed to accommodate needs.  

57 E Broad, Newnan GA Downtown Newnan Development

Both proposals were made by extremely well qualified, experienced developers. Both talked about creating a project that would blend in to the neighborhood and compliment the town core.  Neither proposal included any drawings or renderings of what a project of this scale might look like.   Residents continue to express concern about congestion on the road ways and their concerns are not without merit.  Parking in the downtown area is also on the minds of many and so having more parking added should help, however the larger the parking garage, the larger the structure.  It will certainly be interesting to see how this pans out and what the project will look like ultimately.

Posted by

Scott May, REALTOR, M.S., CRS (Certified Residential Specialist) at Coldwell Banker Bullard, Newnan/Peachtree City Office: (770)-254-0079 (Text/Call: 678-436-2063) Helping clients with 14 years of service and homeownership advocacy!

Member: Newnan-Coweta Chamber of Commerce.        WWW.ScottMayiHelpyou.com   

When you have to move, call your Certified Residential Specialist, Call Scott May.