The city of Atlanta and the Fulton County Recreation Authority announced the closing of the sale of Turner Field and the surrounding acreage to Georgia State University and a private developer.

The field will be transformed into a GSU stadium, and the area around it will become a mixed-use development. The purchase price is $30 million.

“With the closing of the sale of Turner Field, Georgia State University and Carter [the developer] can now move forward with their redevelopment plans, which will give the state’s largest and most diverse university an expanded campus community,” Mayor Kasim Reed said in a press release. “The redevelopment offers a once-in-a-generation opportunity to bring new amenities, transit and infrastructure to the Southeast stadium neighborhoods of Summerhill, Peoplestown, Mechanicsville, Pittsburgh and Grant Park. The development team will also prioritize minority contractor participation and will ensure affordable housing is available for working families. When this chapter of Atlanta’s history is written, I believe the sale of Turner Field will be counted among the most consequential redevelopment efforts in the life of our city. For the first time in over 30 years, the promise of a best-in-class mixed-use housing and retail development will be realized.”

In a separate press release, GSU said, “Georgia State and Carter have proposed a mix of housing, retail, and athletic and academic space on the 68-acre site, as well as the conversion of the stadium into a new home for Panthers football. Within the new ownership structure, Georgia State will control 38 acres, including the stadium and the Blue Lot, formerly the Atlanta Fulton County Stadium. The Carter-led joint venture is purchasing 16 acres and ground-leasing an additional 13.5 acres from Georgia State.”

The project starts in February, the press release says.

“We are extremely pleased to officially acquire the Turner Field site, and we are excited to be moving forward with a plan that will be transformative for the city and for Georgia State,” Georgia State President Mark P. Becker said in the press release.

Here is the full press release from GSU:

ATLANTA–Georgia State University, along with the Carter, Oakwood Development and Healey Weatherholtz joint venture, finalized the acquisition of the Turner Field site today (Jan. 5) and closed on the property.

Georgia State and Carter have proposed a mix of housing, retail, and athletic and academic space on the 68-acre site, as well as the conversion of the stadium into a new home for Panthers football.

Within the new ownership structure, Georgia State will control 38 acres, including the stadium and the Blue Lot, formerly the Atlanta Fulton County Stadium. The Carter-led joint venture is purchasing 16 acres and ground-leasing an additional 13.5 acres from Georgia State.

The stadium conversion will begin in February, and a future phase of Georgia State’s portion of the redevelopment is planned to include a new baseball park at the site where Atlanta Fulton County Stadium once stood.

“We are extremely pleased to officially acquire the Turner Field site, and we are excited to be moving forward with a plan that will be transformative for the city and for Georgia State,” Georgia State President Mark P. Becker said.

The Carter-led private development team will immediately commence plans for private student housing, market-rate multi-family and retail.

“Our joint venture looks at this as a once-in-a-lifetime opportunity to help transform this historic part of our city for generations to come,” said Scott Taylor, president of Carter. “We plan to reposition Hank Aaron Drive as one of Atlanta’s great streets and to strengthen the site’s connection with the surrounding neighborhoods with strong amenities and inclusive design.”

The Atlanta Fulton County Recreation Authority, which owned Turner Field, agreed in August to sell the property for $30 million. The University System of Georgia Board of Regents approved the sale in November.

Visit stadium.gsu.edu for more information on the project.