Channel 2's Darryn Moore reports.

The sale is a major milestone for the city and future downtown redevelopment, as well as one for Mayor Kasim Reed, who vowed after the Braves announced their departure in late 2013 to find a new owner and "create one of the largest developments for middle-class people that the city has ever had."

“When this chapter of Atlanta’s history is written, I believe the sale of Turner Field will be counted among the most consequential redevelopment efforts in the life of our city,” Reed said Thursday, citing future potential retail, infrastructure and transportation improvements.

The project will also be transformative for Georgia State, becoming a southern extension of the campus. Georgia State will control the football stadium and baseball field while the development groups Carter and Oakwood will control much of the surrounding parking lots.

Scott Taylor, president of development firm Carter, said the partners view Turner Field "as a once in a lifetime opportunity to help transform this historic part of our city for generations to come.”

“Our joint venture is committed to restoring elements to the original street grid, improving storm water management, creating jobs for local residents all while creating a mixed-use community which combines retail, office and residential in a vibrant, safe atmosphere," he said.

More as this story develops…