Cousins, Temple-Inland Buy Dirt in South Paulding

ATLANTA-Taking advantage of rock-bottom land prices, Temco Associates has purchased a majority interest in 1,150 acres in south Paulding County for the development of The Georgian, a planned 1,386-home community adjacent to an 18-hole, championship-caliber, Tom Fazio-designed golf course called The Frog at The Georgian Resort.

Infrastructure ground-breaking is tentatively scheduled to begin in May with the first homes expected to be completed by Q2 2004.

Temco Associates is a joint venture of locally based Cousins Real Estate Corp. and Temple-Inland Realty Inc. of Austin, TX. The partners didn’t disclose the price or seller’s name of the acreage. But Atlanta area industrial brokers familiar with Paulding land prices tell GlobeSt.com, on condition of anonymity, the joint venture probably paid about $1,000 per acre or two cents per sf for a total estimated investment of $1.15 million.