The seller was St. Joe Co. of Jacksonville, FL, the largest landowner in Florida. St. Joe owns 14 acres adjacent to the planned tower. The Pope & Land building is scheduled to be completed in January 2003.
That structure will be the first of three planned office towers at One Glenlake in the central perimeter submarket. St. Joe plans to build a hotel on the site at an undetermined date to complement the three towers but hasn't disclosed details.
Regions Bank of Alabama is funding the venture. Pope & Land's equity partner is Dallas-based Granite Properties.
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