ATLANTA-The 300,000-sf, 60%-leased Cobb Galleria Centre Mall is about a year away from entering a new era in its 23-year-old existence, people in a position to know tell GlobeSt.com.

The Cobb-Marietta and Exhibit Hall Authority, which oversees operations at the mall, is negotiating with locally based Madison Retail LLC to demolish the shopping center and replace it with 95,000 sf of new retail, 200 condominiums, 100,000 sf of meeting space and a 208-room hotel.

The Authority estimates the hard cost of 90% of the conversion alone will be $100 million. If the hotel and two planned restaurants are factored in, the estimated total hard construction cost will top $150 million, area construction sources privy to the mall's plans tell GlobeSt.com. A tentative construction start is set for mid-2006.

Madison's proposal is one of three made to the Authority. Financial terms are being worked out between the Authority and Madison, area brokers following the project tell GlobeSt.com. The converted mall would also be linked to the new $111-million Cobb energy Performing Arts Center across Akers Mill Road.

The mall, which has had several owners since it opened in 1982, is at Cobb Parkway and Interstate 285. The Authority bought the property in late 1999.