Developer finalizes sale of Beltline property (Updated)
November 1, 2007 at 1:31 pm by Thomas Wheatley in NewsKeith Mason just released a statement announcing the finalized sale of 66 acres of northeast Atlanta property to a joint venture comprised of Atlanta Beltline Inc. and Barry Real Estate. The deal was valued at $66 million by a spokesperson for Mason. The Masons will provide interim financing — temporary lending to the joint venture — until it can establish its own means of financing the deal.
The Masons caused an uproar in 2004 when Keith and his father, Gwinnett County developer Wayne Mason, bought 72 acres of land along the 22-mile project of trails, park and transit, and proposed erecting two tall towers overlooking Piedmont Park. They offered to donate 43 acres if the city agreed to rezone the area for the towers and other pockets of development. The city balked, and for quite some time the future of the project seemed in limbo. Now that this piece of the Beltline has fallen into place, expect eyes to focus on the northwest quadrant of the project, a heavily traveled rail section that is owned by shipping company CSX.
Atlanta Beltline Inc. hasn’t released a statement as of this writing but we’ll post it once they do. Here’s Atlanta Beltline Inc.’s announcement. After the jump, read Keith Mason’s statement.
STATEMENT
SALE OF BELTLINE PROPERTY
We appreciate the interest and cooperation of Barry Real Estate and their various partners, including Atlanta Beltline, Inc., in our 66 acre, 4 1/2 mile section of the Atlanta Beltline located in Northeast Atlanta.
We provided the Purchaser with interim financing in order to allow the Purchaser to complete the transaction in a timely manner. This interim financing also allows the Purchaser adequate time to secure more permanent financing options for this property.
We remain pleased with our original investment in this property and are pleased to move forward at this time.
— Keith Mason, Partner, NE Atlanta Beltline
November 2nd, 2007 at 8:06 am
I haven’t been keeping track of the beltline progress in a while … is there any place i can find a fairly comprehensive summary of progress and/or roadblocks? Is there any end in sight?
November 2nd, 2007 at 8:37 am
Why, Andrew, you’ve done found it. Ok, sorry, had to take a moment to toot our own horn.
Send me an e-mail at thomas.wheatley@creativeloafing.com and I can send you some links to sites that show the progress and some good visuals.
November 5th, 2007 at 4:29 pm
why has the city of atlanta decided to get into the real estate development business. certainly, this will be one more feather in the cap of atlanta’s massive screw ups.
maybe purchase a chain of chicken wing restaurants and pay-day loan operations would serve our citzens better.
November 5th, 2007 at 6:18 pm
Ever since the very beginning, cities have always been in the real estate development business. It might as well be by definition that a city is a real estate developer.