The locally based developer isn't disclosing the contracted price, but at the same time, company officials aren't denying to GlobeSt.com the number is at least $30 million. That would make the parcel come in at about $2.17 million per acre or $50 per sf.
Holder bought the land from Bermuda-based Overseas Capital, which purchased the dirt for an undisclosed sum from MetLife and metro-based Taylor & Mathis. In a telephone interview with GlobeSt.com, Holder chief operating officer Scott Taylor wouldn't confirm the purchase price or say what commercial project is planned for the newly-acquired site.
"One of the options being discussed is a mixed-use project that includes retail, residential and office," Taylor says. The office component, however, will be "on a much different scale" from the 1980s master plan, the Holder executive says. That plan called for the development of 3.7 million sf of office in four towers and a 400-room hotel.
In the likely event that Holder does not follow the master plan, the company will have to go through the city's regulatory process to change it, brokers familiar with the tract tell GlobeSt.com. That means the proposed development plan would have to pass muster with neighborhood groups and with the city and Buckhead regarding traffic and infrastructure issues.
One Buckhead Plaza was completed by Taylor & Mathis in 1987. It was the first and smallest structure in what was to be a six-to-eight year build-out of the complex. The ensuing real estate recession put a halt to further development on the site.
One Buckhead Plaza is a 450,000-sf neo Gothic-designed tower comprised of 400,000 sf of office and 42,000 sf of retail. CB Richard Ellis Strategic Partners LP owns the building while CB Richard Ellis Inc. manages the property.
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