Developer inks $5.8M purchase option for remaining Tryon Technology Park acres in Perth

PERTH — The Fulton County Industrial Development Agency has entered into a purchase option agreement with commercial real estate developer Winstanley Enterprises to sell the remaining 236 acres of land at the Tryon Technology Park for $5.8 million.

IDA Executive Director James Mraz said Winstanley Enterprises, located in Concord, Massachusetts, believes the Tryon Park has the potential for four “build-to-suit” sites, one 900,000 square foot site, one 500,000 square foot site, one 350,000 square foot site and one 150,000 square foot site.

“If they determine a site is indeed developable, they will then layout and design a building for that site,” Mraz said. “They then go and get all of the local approvals, and state and federal approvals, for that project. At some point of time they will then go and buy that property and market it to companies they have relationships with, as well as others.”

Mraz said Winstanley Enterprises became interested in the Tryon Technology Park after doing a deal to build a distribution center built to suit site on 143-acres on Route 5S in the Town of Florida, in Montgomery County.

Mraz said Winstanley Enterprises is not paying anything for the purchase option but has agreed to pay the FCIDA’s legal fees upon purchasing the property. Mraz said Winstanley Enterprises has until the end of 2022 to complete all of the background studies typically done to determine if a site is “shovel ready.”

“That’s topographic mapping, wetlands, geotechnic evaluations, rare and endangered species, so forth and so on,” Mraz said. “They are very confident in their ability to find companies to come and [lease] these buildings. What they typically like to do is construct the buildings, and then lease them out. They have already authorized engineers to be out there, surveyors, wetlands investigations, all of that has already been initiated. They’re marketing the property already.”

Mraz said he believes Winstanley Enterprises will construct buildings inside the Tryon Technology Park based on the prospective needs in terms of size from companies interested in moving into the park.
“If the first company they find wants the 350,000 square foot building, they’ll build that one first,” Mraz said. “Then they will move to create fully engineered site plans for the four projects. They will then go to the Town of Perth Planning Board to seek approvals for those four buildings.”

Mraz said the only involvement the FCIDA might have after Winstanley Enterprises acquires the 236 acres would be any financial incentives the company applies for in terms of tax breaks or loans, but that would only happen if it, “resulted in all of the Tryon Technology Park being utilized.”

By Jason Subik

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