The land is along Interstate 185 and Ga. 116 and adjacent to the 14,000-acre Callaway Gardens owned by the Callaway family.
Phillips and Callaway plan to jointly develop another 1,000 acres nearby as a light industrial park, retail and also as a residential area. The sale is expected to close by year end.
Heritage at Callaway Farms will comprise three golf courses, nine lakes, beaches, hiking/biking trails, recreational facilities and three hotels.
The inns are a 550-room Heritage Conference Hotel, a 300-room Heritage Lodge and a smaller hotel with about 150 rooms. The development will take 10 to 12 years to complete.
Construction is expected to begin on the first golf course early in 2001 and open in one to two years. The first hotel is scheduled for completion in about three years.
The housing component will offer townhouses, apartments, villas and estate homes. Lots begin at $35,000 and go to $300,000 for several acres.
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