The locally based developer confirms it finally has an option to buy 200 acres about 20 miles south of Downtown from an unidentified buyer at an undisclosed price. The developer has had a contract to buy the land since 1996. The center would offer at least one million sf of rentable space.
If CBL closes on the land contract, the developer would be racing another joint developing team to be first out of the ground with product. Forest City Enterprises and North American Properties are studying a site off Interstate 75 and McDonough Road at GA 81.
Both proposed malls, however, would take at least three years for governmental approvals and construction, local area brokers familiar with regional mall development tell GlobeSt.com.
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