Area industrial and real estate brokers who attended the council's public hearing Tuesday tell GlobeSt.com increased traffic and high density are among the city's main concerns on the project. But those factors didn't upset the city's planning commission in early August when that agency recommended the city approve the rezoning for the project, as GlobeSt.com previously reported.
The planning commission's approval raises hopes for Atlanta area residents that the long-discussed North Fulton Centre for the Arts will also break ground eventually within the Cousins project, area brokers following that undertaking tell GlobeSt.com.
But backers of the planned 27-acre, $70 million arts center face a December deadline to come up with $4 million to buy the land for the project. Fulton County and the city have each pledged $1 million to date. The price equates to $148,148 per acre, or about an average $3.40 per sf.
Besides the major development aspect of the Cousins project, the Alpharetta City Council's decision is also being awaited by Tom Cousins, the company's former CEO, who bought 600 acres for his company in north Fulton County between 1970 and 1985 for about $10 million, or $17,000 per acre, according to company records. The 220-acre Cousins mixed-use venture sits on that tract and requires rezoning approval before a groundbreaking date can be set.
Tom Cousins sold 100 acres in 1988 for the development of the North Point Mall. The price: $12.5 million, or $125,000 per acre. Area industrial brokers dealing in land sales tell GlobeSt.com current prices for comparable north Fulton County land run from $217,000 per acre to $240,000 per acre.
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