Georgia State officially owns Turner Field, will build a football stadium

The sun sets behind Turner Field during a baseball game between Philadelphia Phillies and Atlanta Braves Saturday, July 30, 2016, in Atlanta. (AP Photo/John Bazemore)
The sun sets behind Turner Field during a baseball game between Philadelphia Phillies and Atlanta Braves Saturday, July 30, 2016, in Atlanta. (AP Photo/John Bazemore)

Georgia State University and its real estate partners have agreed to purchase Turner Field, the soon-to-be former home of the Atlanta Braves, for $30 million.

The deal is slated to close by the end of the year.

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Georgia State first made its bid for the property in May 2014 and was announced the winning bidder in December. The formal announcement of the deal came in a press conference Thursday morning.

Georgia State and Carter and Oakwood Development plan to create a new football stadium for the Panthers and turn the surrounding parking lots into a mixed-use community and southern extension of Georgia State’s campus. The development plan includes student housing, apartments, single-family homes, classroom space, a grocery store and a Panthers baseball field.

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The bid approval also requires Georgia State and its partners to preserve the existing landmarks on the site, including the Hank Aaron Statue.

Georgia State’s acquisition of Turner Field still needs approval by the state’s Board of Regents, which governs the University System of Georgia.

Graham Watson is the editor of Dr. Saturday on Yahoo Sports. Have a tip? Email her at dr.saturday@ymail.com or follow her on Twitter!