The deal for the land with Millennium Buckhead LLC closed Jan. 31. Representatives of the development group, 3630 Holdings LP, declined to disclose the purchase price. However, land brokers in Buckhead and Midtown where other multimillion-dollar dirt deals have closed in the past 12 months, tell GlobeSt.com the four acres went for at least $4 million per acre ($91.83 per sf) or an estimated total $16 million. The site is at the northwest corner of Peachtree and Peachtree Dunwoody roads.

Larry Kelly, president, Pope & Land Enterprises, disclosed in December the group planned to jointly develop 425,000 sf of class A office space, 399 condominiums and an undetermined amount of retail and restaurant space on the site, as GlobeSt.com previously reported. Novare Group plans to develop one condo component in a 25-story residential tower. Post Properties, Pope & Land and Duke plan to develop the office space and other condos in a 20-story building.

"This site is located at one of Atlanta's premier nexus points--where Brookhaven's residential neighborhood intersects with Buckhead's business, retail and entertainment district," Kelly says in a Feb. 1 prepared statement.

The land closing by the four developers comes as another big-name developer, Birmingham, AL-based Daniel Corp., submits plans to the Atlanta Regional Commission for a $59-million, 36-story, 443-unit condo tower with 38,000 sf of retail at Peachtree and 11th streets. Daniel and locally based Selig Enterprises are negotiating to close on the purchase of a two-acre site next to the Federal Reserve building in Midtown, on the west side of Peachtree Street, between 11th and 12th avenues, as GlobeSt.com previously reported.

That site is expected to sell for nearly $6 million per acre ($137.74 per sf) or a total estimated price of $12 million, Midtown industrial brokers monitoring large-tract sales over the past five years tell GlobeSt.com. The seller is the Michael C. Carlos family of Atlanta.

Area industrial brokers and marketers tell GlobeSt.com that if the Carlos land sells in the $6 million-per-acre range, it will beat the $10 million, or $5.89 million-per-acre price, Atlanta developer John A. Williams paid local developer David Songy and his Songy Partners in August 2004, as GlobeSt.com also previously reported. That price equated to $135.21 per sf. The speculated Daniel-Selig price comes to $137.74 per sf.