The developers also gave the city a $1-million non-refundable deposit on the pending $27-million purchase of the two-million-sf former Sears Roebuck Co. catalog warehouse. The 75% vacant, 77-year-old asset is on Ponce de Leon Avenue near Midtown.
The entire mixed-use redevelopment will cost about $375 million, a Ponce Park representative tells GlobeSt.com. Other sources close to the project previously told GlobeSt.com the venture would cost at least $400 million.
The developers, as GlobeSt.com previously reported, are the Morsberger Group of suburban Lawrenceville, headed by Emory Morsberger; Adams & Co. Real Estate; Lane Investment & Development LLC; Integral Group; and the Atlanta Neighborhood Development Partnership.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
