Nestled in rural Cherokee County, about 20 miles north of Downtown Atlanta, elected officials in the county's third largest city (Pop. 3,500) have approved Atlanta developer Stephen Macauley's Lakes of Holly Springs, a mixed-use project calling for 100,000 sf of retail/office/commercial and 1,250 shelter units, including 300 townhomes.

City council members estimate the project will generate $4.5 million in local tax revenue and bring 220 new jobs to the immediate development area. The 541-acre site is three miles from Downtown Holly Springs near Hickory Road to the south and GA 140 to the north. About 130 acres are being set aside for green space and public recreation areas.

When completed in about 12 years, Lakes of Holly Springs will be home to 3,125 residents, doubling the city's existing permanent population. The city is allowing the developer to build 2.3 homes per acre. A neighboring community, Bradshaw Farms, allows less than 1.5 homes per acre.

Macauley couldn't be reached at GlobeSt.com's publication deadline. But metro Atlanta brokers, who have worked on comparable ventures, tell GlobeSt.com the estimated development cost of Holly Springs will be at least $50 million. Macauley is contributing $1.3 million to the city for schools, road improvements and sewer lines. He is also donating 2.5 acres for a combined police, fire and community center complex.