Perry will acquire 37 acres adjacent to Tyler Perry Studios, adding to the more than 330 acres he purchased in 2015. While T.D. Jakes Real Estate Ventures group is buying 94 acres.
"Today is a good day. I’m grateful for the opportunity this gives Tyler Perry Studios to extend our footprint in Atlanta and create more opportunities for the people of Southwest Atlanta with restaurants, entertainment venues, and other business opportunities," Perry said in a statement.
If the deal does go through the expansion would include an entertainment district, complete with a theatre district, retail shops, and restaurants.
"I’m looking forward to collaborating with my friend T.D. Jakes on his separate but adjacent project and I also want to thank Governor Kemp and Mayor Bottoms for their continued efforts to make Atlanta a better place," Perry added.
11Alive confirmed back in March that T.D. Jakes Real Estate Ventures was in negotiations to purchase a portion of the property. The group is committed to developing real estate and programs in response to the need for affordable and workforce housing, according to the news release.
Both proposals were approved by the Fort Mac LRA Board (McPherson Implementing Local Redevelopment Authority) Thursday, according to a news release.
Republican Governor Brian Kemp called the announcement "a real shot in the arm for an important community within the state of Georgia."
Atlanta Mayor Keisha Bottoms said the agreement marks another " monumental chapter in the history of Fort Mac. Thank you to Tyler Perry and Bishop TD Jakes for their vision and investment in the Southwest Atlanta community. The positive impact will be felt for generations to come.”
Currently, Tyler Perry Studios is surrounded by more than 220 acres of greenspaces, has 12 sound stages, and 21 movie sets on site.
Fort Mac LRA did not say when the sales are expected to close.