ATLANTA-The Inman Park Neighborhood Association and the Atlanta city council have approved the area’s newest redevelopment project–the 21-acre, former Mead plant at 810 Lake Ave.

Marietta, GA-based Wood Partners LLC has contracted to buy the site for $16.2 million or a pricey $771,429 per acre ($17.71 per sf), brokers familiar with the project tell GlobeSt.com. Wood plans 30,000 sf of office, 20,000 sf of retail, 360 apartments, 41 townhouses and 17 single-family residences on the site. The first phase is tentatively scheduled for completion in summer 2004.

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