On December 29, former Atlanta mayor Kasim Reed announced plans for a $100 million expansion of Piedmont Park and the Atlanta Botanical Gardens.

The City of Atlanta signed letters of intent with two property owners at the intersection of Piedmont Avenue and Monroe Drive. The city’s intent is to “create an enhanced landscape that will serve as a gateway entrance to Piedmont Park,” said the Atlanta Business Chronicle. The park, the city and the property’s current owners and tenants are still completing the transaction, but the city has agreed to a purchase of about five acres at the intersection of Piedmont Avenue and Monroe Drive for $20 million, said the AJC. The area is currently home to several strip malls with a gas station, restaurants, cleaners and a hair salon and the city needs to acquire these additional parcels of land to complete the transaction.

Chief financial officer of The Home Depot, Carol Tomé, will head a philanthropic effort to raise $80 million of funds from private donors in order to acquire the remaining property from its current owners and fund the park’s design and construction. Other resources, such as Park Impact Fees, TSPLOST and Watershed dollars will also fund the purchase.

The expansion is expected to include connections to the Atlanta BeltLine and additional entrances to Piedmont Park. Introductory renderings from HGOR showcase green hills and twisting paths in an homage to the original plan from the sons of Frederick Law Olmstead, whose design included extensive scenic paths and driveways that influenced the urban planning of the surrounding area but was never created in Piedmont Park.

Reed made the announcement with the support of Piedmont Park Conservancy President and CEO, Mark Banta, and President and CEO of the Atlanta Botanical Gardens, Mary Pat Matheson. “Piedmont Park is our city’s crown jewel and my friends Mary Pat Matheson and Mark Banta shared my belief that this moment represents a  once-in-a-generation opportunity to purchase the land needed to expand this beautiful park,” said Reed.

Check back with www.AtlantaRealEstateForum.com for updates on the progress at Piedmont Park.