The plans call for about 1,000 loft-style apartments and an undetermined amount of new retail space near Marta's Five Points station, the largest in its citywide rail network at 55 Peachtree St. SW. The redeveloped area will tentatively be called the Railroad District as a symbol of the first business corridor and hotel row in Atlanta's history.

The developers, all locally based, are the Morsberger Group, headed by Emory Morsberger; Wood Partners, a national condominium and apartment developer; and Miller Gallman Developers. Principals at the three companies couldn't be reached by GlobeSt.com's deadline to learn the estimated cost of the joint venture project. However, Metro Atlanta construction sources and civic group representatives tell GlobeSt.com the price tag will be at least $100 million "when everything is counted."

Brokerage sources familiar with the developers' plans tell GlobeSt.com Morsberger plans to convert an old bank headquarters building into 330 lofts that will probably sell for about $250,000 each. Wood Partners plans to build about 325 apartments in the first phase of redeveloping the former Norfolk Southern Corp. headquarters site. Miller Gallman plans residences and retail on the 12 acres it owns in the southern end of the district.