Dewberry bought the property from longtime Atlanta retailer Charles Walker and his Herschel Harrington Scenic and Lighting Studio for an undisclosed price. Area land brokers tell GlobeSt.com the estimated value of the deal is $500,000, based on recent deals that have closed for about $35 per sf. That equates to a one-acre price of $1.53 million.
Dewberry now owns the block bordered by Peachtree, 10th, Juniper and 11th Streets. He bought most of the block in December 1999. He and his brother Douglas, co-founders of 14-year-old Dewberry Capital, plan a mixed-use venture on the site, area brokers who had previously tried to assemble the block, tell GlobeSt.com.
But Dewberry is in no hurry to break ground, according to a published report. Dewberry couldn't be reached at GlobeSt.com's publication deadline for comment on future development plans. Although national retailers already are interested in the location, Dewberry is scouting for a large headquarters tenant before planning construction, area brokers tell GlobeSt.com.
Walker sold the property to Dewberry largely because of increasing property taxes and traffic congestion at the site, according to the report. According to GlobeSt.com research, the area brokers' estimated sale price of $35 per sf compares with the May 2002 Georgia Road and Tollway Authority's acquisition of 6.8 acres adjacent to the 138-acre Atlanta Station mixed-use project under construction in Midtown. The authority paid $1.5 million per acre or $34.44 per sf.
In April 2002, Atlanta Station developers sold three parcels to a residential developer for an average $1.4 million per acre or $32.14 per sf. Later, Atlanta-based Lane Co. bought 7.9 acres for $11.2 million or $1.42 million per acre ($32.55 per sf) inside Atlanta Station, where it plans a condominium venture.
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