In Dunwoody, Development a No-Go

 Gary Mongeon, Senior Vice President at Bleakly Advisory Group, addressing the audience on August 23rd, 2018. Source: Reporter Newspapers.

Gary Mongeon, Senior Vice President at Bleakly Advisory Group, addressing the audience on August 23rd, 2018. Source: Reporter Newspapers.

Gary Mongeon, Senior Vice President, delivered a presentation last month to City of Dunwoody officials and residents on the feasibility of proposed redevelopment along Peachtree Industrial Boulevard. The conclusion, Mongeon said, was that redevelopment without formation of a public/private partnership with $10 to $20 million invested, which City Councilmember Jim Riticher believes the Council is unlikely to do, is infeasible and unlikely. Bleakly Advisory's market research supported this conclusion. Per Reporter Newspapers;

Gary Mongeon with Bleakly Advisory Group said at an Aug. 23 meeting on the PIB Study that the market study conducted by his group shows the land in the study area is valued at approximately $1.1 million per acre and that it would take more than $200 million to simply assemble the apartment complexes included in the area.

Within the Study area, there are 2,023 apartments across 188 acres, an average of 11 units per acre. While these apartments are predominantly blue collar, collectively they still generate an estimated annual income of $26.2 million, according to the Bleakly Advisory study. City Councilmember Tom Lambert said that "Now that we know redevelopment probably won't happen, we are turning our focus on other improvements, such as trails, better lighting, and better infrastructure in the area."