Investment Group: ‘We’re Here for the Long Term’

After more than two months of discussions, city officials and representatives from Walton Investing, Mill Creek Consulting and Rochester Engineering believe they have a that is acceptable to all parties.

said the purpose of amending the ordinance is to take current market conditions into account.

“We’re looking to redesign our planned mixed use development so that it does take into account changed market conditions,” Wilbanks explained. “Otherwise, we’ll never have anything built under the planned mixed use district in Dacula any time in the near future.”

In December of 2011, in order to facilitate the development of a 157-acre tract of land bordered by Highway 316 and Highway 29 as a “live, work, play” community. The property is currently outside the city limits, but the investment group believes annexing the property into Dacula would be advantageous due to the city’s ability to deal with zoning issues more quickly than Gwinnett County.

City Planner Joey Murphy and city staff have been working with representatives from the investment group to review the city’s existing PMUD ordinance and current market data. Murphy said the planning staff has created an ordinance that will allow the flexibility required by the real estate market while still giving the city the control it needs.

“It boils down to a couple of major changes in the ordinance,” Murphy said. “First and foremost is the decision by the city council -- ? That’s probably the biggest consideration within this ordinance.”

The revised ordinance would increase the maximum allowable housing density per acre from eight units to 13. A maximum of 40 percent of the property could be developed as apartments after 25 percent is dedicated to open space.

Murphy clarified the development is not required to have a residential component under the PMUD ordinance, just two separate uses such as office and manufacturing or some other combination. The planning department recommends the revised ordinance be approved as written, Murphy said.

“I think it will be an asset to the city,” he added.

Though a decision has not yet been made as to how exactly the property will be developed, the current concept plan shows a convention center, town green, hotels, offices and apartments.

“It shows what could happen if the ordinance is approved,” Murphy explained.

Mitch Peevy of Mill Creek Consulting said the development group is pleased with the proposed revisions and believes it makes development more viable. If council approves the revised ordinance, Peevy expects the group to file to have the property annexed into the Dacula city limits shortly thereafter.

Citing the and the fact the property is located midway between the University of Georgia and Georgia Tech, Peevy explained the acreage is well situated for development.

“We think that it’s a wonderful location,” he said.

Peevy emphasized that the property is owned free and clear by Walton Investing and is not distressed property.

“We’re here for the long term. This is not a short-term exercise,” Peevy said. “They (Walton Investing) don’t run from adversity. They’ll stick it out and they have the depth and the funds to maintain it and do a quality project.”

The Dacula City Council will meet Thursday, March 1, to vote on the revised ordinance. The meeting is scheduled to begin at 7 p.m. at , 442 Harbins Road.