One of the nation’s largest companies is considering Fulton County Airport as the site of a 2.8 million-square-foot warehouse and logistics center that would create at least 700 jobs, county officials say.
The airport, near the western intersection of I-20 and I-285, is one of two finalists for the $120 million development, according to an executive summary of the project prepared by the county’s economic development staff. Fulton County and California-based developer Majestic Realty are negotiating with the unnamed Fortune 100 company.
Under the terms of a proposed agreement, Majestic Realty would develop and pay for the project on about 297 acres of county-owned land at the airport and lease it to the unnamed company or to other companies. The county and Majestic would split the income from the development.
Majestic officials say it could generate up to $55 million in revenue for the county over 50 years and could spark millions in private development nearby.
County Commission Chairman John Eaves said commissioners will discuss the proposal Wednesday and could make a decision in two weeks.
“This is a great economic development opportunity for Fulton County,” Eaves said. “It’s probably going to be one of the biggest in the state this year.”
The agreement is not final. Under terms outlined in the executive summary, Fulton would lease the property to Majestic Realty for 50 years. The county would split the net income from the lease payments with Majestic.
Under one scenario, Majestic would build a regional distribution center for the Fortune 100 company, which Eaves declined to name. That could net the county $18 to $22 million over 25 years and $50 to $55 million over 50 years, according to Majestic Realty. Majestic expects a decision from the company in the next 30 days.
If that doesn’t work out, Majestic says it will build and lease a facility to other companies. That scenario could generate $25 to $35 million for the county over 25 years and more than $135 million over 50 years, according to the company.
In addition, Majestic has agreed to make other improvements at the airport, including a new $1.1 million operations center to house airport personnel.
The county would still own the land, which would not be used as collateral for the development. At the end of the 50 years, the lease would expire, and the land and any buildings would be county property.
Fulton County would contribute nothing to the project except $4 million in grant money from the Federal Aviation Administration and the Georgia Department of Transportation. Those agencies have already approved the project, according to Stan Conway, executive vice president and managing director for Majestic Realty.
The county’s executive summary says the project could convert vacant land into a revenue-generating resource. It could also spur millions of dollars in private investment along Fulton Industrial Boulevard and north and south of I-20.
Conway said the site is “second to none in the city” because of its proximity to the interstates and existing infrastructure. He said construction would begin next year if the project wins approval.