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ATLANTA — Forest Park/Fort Gillem Local Redevelopment Authority (LRA) have selected Cousins Properties, LNR Property Corporation’s Commercial Property Group and The Benham Cos. as the team for the $750 million redevelopment of Fort Gillem. Approximately, 1,200-acres of the military base will be redeveloped over 10 to 15 years to include 717 single-family and multifamily residences; 435,000 square feet of retail space; more than 1 million square feet of office space; more than 8.2 million square feet of light manufacturing and warehouse distribution space; and more than 200 acres of green space. At completion the project will add 25 to 30 percent more land to the city of Forest Park, Ga., and approximately $243 million in new real property taxes to the area. The project is expected to generate 4,700 new construction jobs and 17,642 permanent jobs.
MADISON, ALA. — Jason Nettles and Megan Thompson of Holliday Fenoglio Fowler’s Atlanta office negotiated the sale of Arbors of Madison, a 204-unit multifamily community, on behalf of Alexander Properties Group. An undisclosed buyer from the metropolitan N.Y. area purchased the 17.2-acre site at 7900 Old Madison Pike for $10 million. The property has two-bedroom, three-bedroom and four-bedroom units. Amenities include a swimming pool, clubhouse, sports court and playground.
MIAMI — Brian Smith and Wayne Ramoski of Cushman & Wakefield’s Miami office represented Shoma Development in the $24 million sale of 67-acres to AMB Property. One million square feet of the space will be developed for the AMB I-75 Business Center, which is bordered by Interstate-75, 170th St. and 97th Ave. The site was recently re-zoned by Miami-Dade County for industrial development and is one of the last remaining major parcels of undeveloped property in Miami’s I-75 North Corridor.
CORAL SPRINGS, FLA. — Deerfield Beach-based Sikon Construction broke ground on a 185,000-square-foot SuperTarget at U.S. 441 and Wiles Road and has completed a new 135,000-square-foot Target, as well as a 30,000-square-foot Ross Dress for Less and 10,500 square feet of of additional retail space in Coral Springs. SuperTarget is slated for completion in July 2008.
CHARLOTTE, N.C. — Ed James and George Mumford of The Mumford Company, headquartered in Newport News, Va., represented the David Drye Company in the sale of the MainStay Suites of Charlotte for an undisclosed price. The 77-unit extended stay property was purchased by Raleigh, N.C.-based The Generation Companies and will undergo cosmetic renovations. The hotel will remain affiliated with MainStay Suites.
NEW ORLEANS — New OrleansDowntown Lofts is developing ICInola, a LEED certified, mixed-use development that will include 105 urban lofts and 50,000 square-feet of retail space in the historic Bywater district. Located on 3925 Burgundy Street, the site is directly adjacent to the French Quarter. Commercial business will open in March 2009 and residences in May 2009. The project will be spread out through four buildings that have a distinctive personality representing the German, French, Italian and Spanish presence in New Orleans. Each building will feature a different theme reflecting the four natural elements of water, fire, earth and wind.
LOUISVILLE, KY — IHG (Intercontinental Hotels Group) will convert the Executive West Hotel near downtown Louisville into a Crowne Plaza. Expected to open late this year, the hotel will offer 588 guest rooms, 50,000 square feet of meeting and banquet space, a fitness center, indoor and outdoor pool, airport and business shuttles and multiple dining outlets. The property is owned by Al J. Schneider Company Hotel Division and is located at 830 Phillips Rd.
GREENSBORO, N.C. and VIRGINIA BEACH, VA. — CB Richard Ellis’ Douglas Henkel in Norfolk Va.; Marc Magazine in Washington D.C.; and Lewis Miller in Atlanta represented Harbor Group in the sale of a Hampton Inn in Greensboro for $15.51 million. The 125-room hotel is located at 7803 National Service Rd. near the Piedmont Triad International Airport. Medalist Properties purchased the hotel, which includes a meeting facility, fitness center and heated outdoor pool. Also, Henkel, Magazine and Miller represented MMA Realty in the sale of the Holiday Inn Executive Center to Blenheim Capital for $14.25 million in Virginia Beach, Va. Located at 5655 Greenwich Rd., the property will undergo a $ 6 million renovation. It will continue to operate as a Holiday Inn.