Cousins Sells Hotel Site for $1.2M

ATLANTA-Wildwood Associates, a locally based partnership that includes Cousins Properties Inc., has sold a 2.85-acre parcel at its suburban Wildwood community to Southern States Management of Atlanta for $1.2 million or $649,123 per acre ($14.90 per sf).

Southern States plans to break ground this summer on the five-story, 124-room Hilton Garden Inn Atlanta NW/Wildwood at the intersection of Windy Hill and Powers Ferry Roads. Completion is targeted for summer 2004.

The hotel will be Wildwood’s first, according to a prepared statement from Tad Leithead, senior vice president of Cousins’ office division. “Even though Wildwood has housing, restaurants, a fitness center and other amenities, the project has always needed a mid-priced, upscale business hotel,” Leithead says. “This hotel is perfectly suited both for our office clients in Wildwood Office Park and also for the surrounding area.”