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Chamblee DDA approves 7-day due-diligence extension for Pierce property purchase
Summary
The Chamblee Downtown Development Authority voted unanimously Aug. 19 to authorize a seven-day extension of its due-diligence period for the purchase of the Pierce properties; the extension was accepted verbally and by email with seller Larry Pierce and runs through Aug. 21.
The Chair of the Chamblee Downtown Development Authority said the board approved a seven-day extension of its due-diligence period on the Pierce property, which the DDA is under contract to purchase. “We have a verbal and email acceptance of a 7 day extension with Larry Pierce,” the Chair said.
The extension was presented as a minor scheduling step to allow the DDA time to organize site work and coordinate with the buyer under contract, Grey Star Vantage. The Chair told members the due-diligence period had technically expired “either last Thursday or last Friday” depending on counting; staff confirmed the extension through Aug. 21. A committee member moved to approve the 1st amendment to the purchase-and-sale agreement, the motion was seconded and passed unanimously.
The Chair framed the extension as part of a larger effort to clear environmental and tenant-access issues ahead of closing. He noted that even if the DDA incurs costs that are later unreimbursed, removing the site’s environmental uncertainty will increase the property’s value.
