A representative for the Florida-based builder tells GlobeSt.com Levitt and Cousins declined to disclose the purchase price. However, Paulding County area land brokers familiar with Cousins Neighborhoods' Seven Hills' 2,189-home, mixed-use development tell GlobeSt.com the 855 acres probably carried a sales tag of at least $30,000 per acre, or 69 cents per sf, for an estimated aggregate price of $25.7 million.
Levitt plans to develop the 724-home Seasons at Seven Hills, an adult community, and the family-centered 514-home Waterstone at Seven Hills within Cousins' Seven Hills development. The development site is off Cedarest Road and Highway 41 in northwest Atlanta. Homes will be priced from the low $200,000s to the high $400,000s, according to Dan Grosswald, Levitt's Atlanta region president.
In Gainesville, Hall County, north of Atlanta, Levitt is also developing Seasons at Lake Lanier, a 744-home community with 80,000 sf of retail on 410 acres, as GlobeSt.com reported in July 2005. Levitt opened its first Atlanta area community, Seasons at Laurel Canyon in Canton, in first quarter 2005.
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