MARIETTA, GA-After months of deliberations, the city has signed a contract to sell 12 prime Downtown acres for $3.1 million to the Myrick Co., an Alpharetta, GA-based developer. Myrick plans a $40-million mixed-use redevelopment on the former Johnny Walker Homes site near the Marietta Square.

The project will have 50,000 sf of four-story retail space below 40 condo homes; 39 townhomes and 26 single-family residences. The 1,200-sf condos are expected to be priced at an average $228,000; the 2,200-sf to 3,000-sf townhomes from $275,000 to $395,000; and the 2,300-sf to 3,000-sf single-family residences are projected to start at $300,000, sources explain.

Myrick, a 35-year-old developer, beat out rival Hedgewood Development LLC of Cumming, GA in bidding for the 12-acre property, as GlobeSt. reportd previously. Hedgewood's proposed $55-million project would have consisted of 198 townhomes in the $275,000 range and no retail or other commercial space.

The Myrick-Hedgewood rivalry on the demolished Johnny Walker Homes site drew attention in the local commercial real estate community because Marietta elected officials rejected a $43-million proposal last year from Madison Retail LLC whose principals include John A. Williams, the former chairman of Post Properties Inc. The issue was over the amount of retail and office space included in the Madison proposal.