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From Textiles to High-Tech--at $10,334 per acre

An old Georgia industry sells land to make way for the new economy.

By Judith Schonbak | Updated on July 28, 2000

CANTON, GA—Once a thriving textile center, Georgia has lost many of its textile mills and jobs to offshore manufacturing, consolidation and automation. Now some old-economy relics are being swept up by new-economy needs. In the latest activity, Canton Textile Mills sold 629 acres to the Cherokee County Development Authority for a high-tech research park. The $6.5-million price equates to $10,334 per acre or 24 cents per sf.

The acreage is located at the northern edge of this north Georgia town, in a fast-developing area of Cherokee County. The county backed the sale to the development authority with $6.5 million in bonds. Technology Park Atlanta, which has a track record of successful high-tech park development in Atlanta, will develop the park. Still in the planning stages, the park is expected to bring 15,000 jobs to the county over the next 20 years.

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