Focus Development Inc. of Buckhead, GA has a contract with owner C.J. Mathis, better known as Claudy John, to buy the land for $2.53 per sf, about 20 times more than it might have fetched only 15 years ago, area industrial real estate brokers dealing in land sales, tell GlobeSt.com. The $1.7 million offer equates to $110,000 per acre.
But a second buyer, homebuilder Joe Voyles of Berkeley Lake, GA, is also in line if Focus backs out. Focus is also buying 29 acres surrounding the tiny airport in a deal with other individual landowners at an undisclosed price, area brokers familiar with the transaction tell GlobeSt.com.
If Forsyth County commissioners approve a rezoning request from Focus, the developer plans to build a 110-home subdivision on the entire 44-acre site. The site is across the road from the Laurel Springs subdivision, a gated community with a Jack Nicklaus-designed golf course.
Some of the 740 homes in Laurel Springs are priced at more than $1 million. Focus estimates its houses will sell in the $200,000 to $500,000 range, local marketing consultants who have worked on comparable residential projects, tell GlobeSt.com.
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