Developer Explains Why He Backed out of Purchasing Land Across The Forum

Just when it looked as though it was a matter of time before the Peachtree Corners community would have a mixed-use development on the undeveloped land across from The Forum, the developer pulled out.

Bob Cheeley, with Piedmont Bank, had stepped in ahead of the city with a contract to buy the land. He explains why he had a change of heart just days before the anticipated April 15th closing date.

"It was a decision I made over the weekend," said Cheeley, who is also developing a 4.5 acre tract adjacent to Piedmont Bank. "I had a number of meetings with investors leading up to the weekend who really wanted to do something."

But without the property rezoned, he said he was not able to get the commitments he needed for the estimated $160 million cost of the development. "The final analysis is institutions don't like risks," he said.

Read the full article on the Peachtree Corners Patch.

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See also:

• Apartments to Be Built Across The Forum in Peachtree Corners
• New Developer to Purchase Property Across The Forum
• Mixed-Use Development to Be Built Across The Forum
• Developer Backs out on Buying Land Across The Forum; City of Peachtree Corners to Purchase Lot
• Peachtree Corners Mayor Weighs in on Proposed Development Across From The Forum
• Peachtree Corners City Council Plans to Purchase Property Opposite The Forum