Portman and his son, Jeffrey Portman, AmericasMart's president and chief operating officer, didn't disclose the price they paid for the Greyhound site; however, Downtown brokers in a position to know tell GlobeSt.com the dirt went for at least $500,000 per acre, or a total $1 million. Greyhound vacated the site in 1995 when the company relocated near the Garnett MARTA station.
The Portmans' plan to break ground on the mart's new addition in first quarter 2005 after demolishing the terminal, brokers tell GlobeSt.com. The building is expected to be ready for operations in 2007. The mart's growing furniture and home furnishings sector will occupy a large part of the new addition.
Portman, 79, started the mart concept in 1957 with a single furniture market and has grown the business into one of the world's largest trade marts for retailers, according to industry sources. The existing center's first phase opened in 1961.
The mart's fourth building will be Portman's 27th Downtown-designed structure. His architectural and development credits include the Westin Peachtree Plaza, Peachtree Center and SunTrust Plaza.
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