12-Acre Land Deal Closes in Marietta

MARIETTA, GA-After three years of planning and a year of developer selection, the Marietta Housing Authority has closed its 11.95-acre land deal with Atlanta-based Winter Properties LLC. The $8.5-million price equates to $711,297 per acre or $16.33 per sf, current market value for prime Downtown dirt, Atlanta industrial brokers tell GlobeSt.com.

The city had the 11.95 acre previously appraised at $7.32 million or $602,510 per acre ($13.83 per sf). The agency voted unanimously in January to do the deal with Winter, as GlobeSt.com previously reported. Marietta, with an estimated population of 67,000, is seven miles northwest of Downtown Atlanta.

Winter Properties plans a mixed-use venture on the site that will have a build-out value of $112 million, Bill Marsh, the company’s vice president, tells GlobeSt.com. The redevelopment project will have 174 residential condominiums, 141 townhomes and a total 78,000 sf of retail and office space just off the Marietta Square. The project has “the potential to become the premier location for residents and businesses in central Marietta,” Marsh says.