PNL managing director of investments Dan Levitan tells GlobeSt.com that the land is zoned half for commercial use and half for office use. The first phase of the project will be a big box retail development. The company is in negotiations with a retailer and expects to begin construction within six months on the project. "That will be the kick-off project," Levitan says. "The office project would be the second phase. The office market is developing and will take a few years to develop the project."

Levitan declined to reveal to GlobeSt.com the land price or the estimated cost of the project.

Levitan and Cooper are bullish on the development potential of the site due to its location, historic charm and the amount of new and affordable housing in the area. The site, located southwest of Atlanta at Interstate 85 and Highway 34, has seen rapid growth in recent years due to its proximity to Atlanta and the Atlanta Hartsfield Airport. The downtown areas still has a lot of Civil War-era buildings from the 1830s and 1860s, which gives it historic significance. "It's a node of future development," Levitan says. "Now that the rooftops are coming in, the commercial projects are starting to come in, too."

For example, the site is surrounded by new regional shopping and major residential development and is in close proximity to a 500-acre industrial park and regional airport. A new open-air lifestyle center and Kroger-anchored shopping center are also located adjacent to the property. "The partnership plans to capitalize on the area's explosive growth to develop both retail space and office buildings on the property," Cooper says.

The PNL Cos. provides venture capital for land development and repositioning of existing buildings throughout the country. This is the third major investment by the firm in the past month. The company also acquired 747 acres in Katy, TX in July and 736 acres in Aledo, TX last week.