Under terms of the pending deal, the military would lease the land to the county which would then lease the tract to the nonprofit museum group, area industrial brokers familiar with the proposal tell GlobeSt.com. The value of the deal is still being worked out. Wright-Patterson Air Force Base officials in Ohio are negotiating for the military.
Cobb County is contributing $500,000 to the museum project but only if the nonprofit group can raise $2 million on its own, according to county officials. Construction is tentatively scheduled to start in 2007. The museum site is near Lockheed Martin Aeronautical Co. and Dobbins Air Reverse Base.
Two planes acquired by the B-29 Superfortress Association will be among the first aircraft offered to the museum. They are the Sweet Eloise, a B-29 bomber familiar to motorists who daily pass the Dobbins base, and the Ghost Rider, a C-130 transport plane built at the Lockheed-Georgia Co.
On a land sales level, Cobb County dirt carries a premium price, Craig Cheney, a Grubb & Ellis broker who monitors Cobb sales in his firm's Atlanta office, tells GlobeSt.com. "In my opinion, residential [land] would be worth $190,000 per acre; multifamily would range, depending on density, from $220,000 to $270,000 per acre; retail would be around $300,000 per acre; and office would be worth maybe $325,000 per acre," Cheney says. "It's hard to say in this market because there haven't been a whole lot of office land deals in the last few years."
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