In return, Cowart has agreed to build a 500-foot road, parking lot and public park near the development site at the intersection of Birmingham Highway and Crabapple Road. The road will provide an alternate route between Crabapple and Broadwell roads.
The city land is valued at $428,000, or about $112,631 per acre ($2.59 per sf), city staffers confirm for GlobeSt.com. But the city has deducted its improvement costs on the land, giving the dirt an effective price of $210,000.
Cowart plans to break ground on the project by year end. His original plans called for 100,000 sf of office, 100,000 sf of retail and 775 townhomes and single-family residences on 450 acres, as GlobeSt.com previously reported. Area residents objected to that project because of its size, scope and potential future problems with increased traffic, noise and air pollution.
A second development, adjacent to the Cowart site, is planned by developer Tad Braswell. But he needs a rezoning application approval by Fulton County commissioners before he can start construction on 21,000 sf of retail, 12,000 sf of office, 24 townhomes and 43 single-family residences. Braswell's 16.5-acre tract fronts Crabapple Road.
To approve the rezoning request, the City of Alpharetta will probably ask Braswell to extend the Cowart-planned road, linking Crabapple and Broadwell roads, brokers familiar with development in northwest Fulton County tell GlobeSt.com.
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