Aug 25, 2016 02:41 PM EDT By Leah NY, UniversityHerald Reporter

Atlanta Turner Field is set to be sold to the Georgia State University, Kasim Reed, Atlanta Mayor announced on Thursday.

GSU is set to buy the 67-acre stadium site for $30 million as per their agreement with The Atlanta-Fulton County Recreation Authority. The deal was signed on May 2 and is set to be implemented as soon as the Atlanta Braves leave on December 31. The Braves are set to leave the Atlanta Turner Field and to move into a soon to be completed stadium in Cobb County.

Reed said at a conference last Thursday that the GSU along with the Carter and Oakwood Development, the project's private developers, plans to fulfill the vision and community cry that failed to happen on the Turner Field after it was developed into a baseball stadium after the 1996 Olympics.

GSU committed a $300 million redevelopment plan to turn the Turner Field into a community which includes student housing, restaurants, stores, athletic field. Reed added in his statement that this step means changing the community forever as it initiates an inspiring project for better economic opportunity.

The Atlanta Mayor also sees the future of this project as making Atlanta one of the most attractive and livable communities in the city's lifetime. Additional features for the redevelopment are businesses and jobs for establishments will soon be open.

Residents nearby are equally thrilled to the major shift that is going to take place. Suzanne Mitchell, president of the nearby Summerhill neighborhood association said that they are very excited to see the major transformation taking place, The Bizjournals reported.

Lance Bottoms, one of those responsible for closing the deal with the GSU considers the project as very phenomenal, something that Atlanta had never seen before. Seeing the willingness on Georgia State University to work with the community, she calls this project as community redevelopment, not just a physical transformation, The WSBTV Atlanta reported.

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