Atlanta Sports Connection defaults on loan for sports complex
Developer Vaughn Irons. Photo by Glenn L. Morgan

irons
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Developer Vaughn Irons: Project still on track 

Developer Vaughn Irons

Developer Vaughn Irons. Photo by Glenn L. Morgan 

Atlanta Sports Connection, Inc. has defaulted on its $2.25 million loan for the former Kohl’s building, located at 8010 Mall Parkway, but developer Vaughn Irons said the project is still moving forward.

 The Atlanta Sports City Complex at the Mall at Stonecrest, known as “Tournament Central,” was scheduled to be sold on the DeKalb County courthouse steps on Oct. 2, according to a notice of sale under power, which was announced in the county’s legal organ. The owners of the building could not be reached to discuss the details. 

However, developer Vaughn Irons said the foreclosure did not go through because of the terms of the loan between Bay Point Capital Partners (Kohl’s) and Atlanta Sports Connection, Inc., which stated that ownership would go back to The Mall at Stonecrest’s owners, Urban Retail Properties, LLC, if the loan went into default.  

“It would never be sold on the courthouse steps because Stonecrest Mall put a guarantee in the contract that if anything happened, they would take back the (Kohl’s)building,” said Irons. “There’s no way we were ever going to lose the building.” 

According to Irons, Urban Retail Properties, LLC is one of four primary partners that now comprise the newly-formed Stonecrest Resorts, which has taken over the sports/entertainment project. He said the other three partners are himself (Ironside); the Chicago-based Cogent Management Group, and Foreign Partners, a British firm.

 Irons said the new group expects to announce details of its plans soon. He said in order to proceed with the new vision, Stonecrest Resorts decided to buy out the former partners, which is underway.    

 “We’ve been working on streamlining the ownership group,” said Irons, who said certain details could not be made public just yet.

Irons said his goal is to save The Mall at Stonecrest.

“Nobody is fighting for Stonecrest harder than me,” said Irons.

On Common Ground News


2 comments

  • S

    October 15, 2018 at 9:00 am

    I really want to believe this story.Maybe I don’t know a lot about the dynamics of doing business like this but every time DeKalb County say something good is going to happen, it seems to turn to stone.

    Supposedly, the projects that waa supposed to be considered fir South DeKalb county included an amphitheater, a possible Dave and Busters for the Wesley Chapel area and now this. Even with non county related stuff like the MARTA and South DeKalb mall request for new stores coming there..it just seem like talk…unless it a Dollar Store.

    It,wasn’t that long ago where some citizens and DeKalb county politicians wanted to create the city of Greenhaven. Such a beautiful name for a county that has so much lack of promise.
    When my folks first moved to South DeKalb County ,they moved because of the then schools,the shopping,safety and mostly because it reminded them of my mom’s small West Georgia hometown. Now it looks almost unrecognizable..and not in a good way. It wasn’t long ago where some DeKalb politicians and citizens wanted a creation of the city of Greenhaven. I couldn’t blame the people who voted against it.Who want to live in a county of broken promises?

    Realistically,no person in their right minds would want to move into a firestorm. Unfortunately, South DeKalb County still remains in firestorm of broken dreams. While I get that some projects are not always guaranteed to come out or slower to materalize,it just seems with South DeKalb,it’s just a case of being pacified and pulling ones leg. If any announcements about future projects coming to South DeKalb county,with me? I’ll believe when I see it.

    Reply

  • 4xyta

    December 29, 2018 at 12:59 am

    Vaughn Irons appears to be a “P. Diddy wanna be” who is trying to appear to be a big shot.
    South Dekalb is a joke and the people “running the show” look like a bunch of clowns.
    I have never seen so many country azz bumpkins in my life until I moved here.
    The corruption, dysfunction, rampant crime, and chaos is the default activity in Dekalb County,
    Trust me, EVERYONE is laughing at yall

    Reply

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