The Braves are paying $600,000 an acre for property near Cumberland Mall, which at 82 acres totals about $49.2 million.
The seller is Bethesda, Md.-based B.F. Saul Co.
Mike Plant, the Braves executive vice president for business operations, said on Thursday he signed the documents to purchase the 25 acres, which the franchise has had under contract since September.
The Braves purchased the main 57-acre parcel, where the $672 million stadium and accompanying $400 million mixed-use development will be located, in January, also from B.F. Saul Co.
“I signed all our documents,” Plant said. “Now they will go up to Baltimore with Saul, and they will countersign them all, and once we’ve got confirmation, I will countersign early next week and we will wire the money.”
One of the sites that makes up the 25 acres is a long, thin stretch of land along Interstate 75 north of the main 57-acre parcel. Another piece is next to the Hampton Inn on Cobb Parkway by Interstate 285.
“They’re going to be used for parking, and they’re going to be used for probably phase two of the mixed development,” Plant said.
County Chairman Tim Lee predicts the development will look similar to L.A. Live, an entertainment complex in downtown Los Angeles adjacent to the Staples Center.
Plant said he is in negotiations with a team composed of Cumberland-based Pope & Land and Atlanta-based Fuqua Development and Pollack Shores Real Estate Group to help develop that property.
“It’s a destination venue that has a mix of retail, hotel, restaurants and entertainment venues with some residential and office as well,” Lee said.
The Braves selected The Jerde Partnership, an architecture and urban planning firm headquartered in Los Angeles, as the land planner for the stadium and mixed-use development.
Last Friday the county issued a request for proposals to solicit bids for the stadium builder. The builder will use designs created by Kansas City, Mo.-based Populous.
Lee said commissioners plan to award that contract at their May 27 meeting.