Former state legislator Sam Hensley has agreed to sell 34 historic and prime developable acres to the National Park Service for $3.6 million or $105,882 per acre ($2.43 per sf), brokers familiar with dirt prices at the 2,889-acre park tell GlobeSt.com. Comparable nearby land is going for $400,000 per acre or $9.18 per sf.
The deal has been in the works for the past two years and only jelled this year after Congress approved a transportation bill that includes $3 million for Cobb County to add 34 acres to the park. State and local agencies will raise the remaining $600,000 portion of the purchase price, area brokers tell GlobeSt.com.
Hensley owns 68 acres near the park. He and his family have received numerous offers from developers to sell the land, brokers intimate with the submarket tell GlobeSt.com. The Trust for Public Land in Washington, DC brokered the deal between Hensley and the National Park Service.
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