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.
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