Who’s sitting on five miles of the Beltline?
June 15, 2007 at 5:27 pm by Mara Shalhoup in NewsEarlier this year, a local real-estate exec entered into negotiations to buy a valuable plot of land that includes five miles of the Beltline, the city’s popular project that will put a 22-mile loop of transit and greenspace around intown Atlanta. Two months after the deal was made public, however, it’s not clear if it’s final — or how it might benefit the Beltline.
The buyer, Ben Raney of Barry Real Estate Companies (the firm itself is not involved in the land purchase), and his yet-unnamed financial backers entered into the deal with the owners of the 72-acre property, Gwinnett mega-developer Wayne Mason and his son, Keith. The Masons initially had offered to give more than half of the property to the city — which desperately needs it in order to get the Beltline off the ground. But when the city wasn’t willing to allow the Masons to build a pair of 38- and 39-story towers flanking Piedmont Park, the Masons withdrew their offer.
Enter Raney.
Both camps have been mum on whether the deal is done — and what progress Raney might be making with the city regarding the development of the contentious land. The property is fairly narrow, predominantly comprising the Beltline’s right-of-way and land that the city has indicated should be greenspace. The Masons paid $25 million for the land in 2002. The amount Raney has or is willing to pay has not been disclosed.
Asked about the status of the Masons-Raney deal, Masons spokeswoman Jane Langley forwarded CL to Raney. Raney has not responded to CL’s request for an interview.
Leave a Reply