Turner Field, the former home of the Atlanta Braves, has been sold to Georgia State University and real estate firm Carter.
The duo won a bidding process that started two months ago and negotiation on the terms of the sale of the ballpark and its surrounding parking lots will begin this week.
According to the Atlanta Journal-Constitution, the Carter-Georgia State plan is to turn the area into a football stadium with student housing, apartments and retail surrounding the new facility.
Georgia State had been playing its home games in the Georgia Dome.
Residents near the ballpark expressed trepidation about the property being sold so quickly, but the sale also includes that residents will have input on the development plans.
The Braves have played at Turner Field since 1997, but will move to a new ballpark in Cobb County, which is north of Atlanta, following the 2016 season.