A local plan to convert troubled commercial property into parkland has already culled $400,000 from metro Atlanta community improvement districts.

Tad Leithead, chairman of the Atlanta Regional Commission, said the program is gaining momentum and appears to be clearing hurdle after hurdle. It also has adapted into what may become a joint venture between non-profit and for-profit interests. The new model provides for non-profits to raise 25 percent to cover the cost of the parks, while investor groups would supply the balance for the remainder of the land, he said.

"The idea would be that we would develop the park immediately, and permanently dedicate the park for the public good. Then wait on the market," Leithead said.

With commercial property poised for its worst year since the Great Depression, he said, the FDIC is rapidly becoming the largest owner of real estate in the country. Red Fields to Green Fields would allow the FDIC to maximize the value of those assets, he said.

Leithead said many of the CIDs have pledged funds contingent on receiving a proportionate return on their investments with projects inside their districts.

"I think it makes sense," Leithead said. "We've asked the individual CIDs to recommend a project they'd like to see us study on a pilot basis."

Gwinnett Village CID has committed $25,000 to the effort and has another $25,000 ready to plug in if the proposal moves forward. They are working with Gwinnett County to identify distressed tracts that may qualify for the program, according to Chuck Warbington, CID executive director.

"It has taken me on a path I didn't think we'd end up going," he said. "I'm not ready to get into those details yet, but ... it's been very intriguing."