Business

Capital City Stadium deal extended for third time

The Capital City Stadium
The Capital City Stadium caberry@thestate.com

The Atlanta company seeking to convert Capital City Stadium into a retail center has a little more time to market the Assembly Street property.

City Council on Tuesday extended by up to two months the time Bright-Meyers has to update its sales contract with the city. But the development firm must add $1,000 to its earnest money, bringing the total to $26,000, a city official said.

This is the third extension council has granted Bright-Meyers to amend its agreement to buy the six acres where the stadium stands on flood-prone land in the Olympia neighborhood that abuts a creek. The price is $1 million, which has not changed, said Krista Hampton, the city’s director of planning.

Bright-Meyers has been seeking new tenants since December when Wal-Mart withdrew its interest in an urban store after much public outcry.

Council voted Tuesday to allow city manager Teresa Wilson to continue talks with Bright-Meyers’ executive Matt Sasser on an amended purchase agreement. Wilson is to come to council in January with an updated deal, Hampton said, or Bright-Meyers could cancel the agreement with the city or council could give Sasser yet another extension.

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