Area office brokers tell GlobeSt.com representatives for two separate buyers are negotiating on a prime 6.7-acre Downtown tract, covering three city blocks from Williams Street to MARTA's Civic Center station on West Peachtree Street. Brokers tell GlobeSt.com the deals could be done by year end.
The estimated asking per-acre price is at least $20 million, or about $2.98 million per acre ($68.53 per sf), one of the highest in recent city real estate annals, brokers says. The land is zoned for high-density development, staffers at the city's planning and zoning department confirm for GlobeSt.com.
The rumored reps, dealing for undisclosed buyers, are condominium developer James Borders, president of Novare Group, and commercial developer Hal Barry, chairman of Barry Real Estate Cos., brokers tell GlobeSt.com. Borders and Barry couldn't be reached at GlobeSt.com's publication deadline.
Houston-based Hines Interests canceled an option on the site in 1999 for office towers, residences and retail space after failing to sign an anchor tenant, brokers tell GlobeSt.com. The tract's asking price then was $20 million. "It probably will go for at least 10% or 15% more this time around," a Downtown broker familiar with area land prices tells GlobeSt.com on condition of anonymity.
The site overlooks new condo projects adjacent to Centennial Olympic Park, the new Georgia Aquarium and the planned site of a new home for the World of Coca-Cola.
Speculation on the Downtown planned land sale follows confirmation by locally based Dewberry Capital Corp. in mid-July that it has completed a four-year assemblage of a choice Midtown block bordered by Peachtree, Juniper, 10th and 11th streets.
Dewberry plans to erect two office towers, two high-rise condo communities and a 600-unit apartment complex, according to preliminary plans filed with local government departments.
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