At $12 per sf, area brokers tell GlobeSt.com Madison paid a premium for the tract where it plans to construct a three-story, 31,200-sf building that will house ground-floor retail underneath offices and condominiums. The transaction marked the city's second sale of four parcels totaling 13 acres of speculative dirt it purchased in November 2002. The city's strategy is to re-sell the land to developers for the creation of mixed-use projects.
"The city welcomes commercial and residential development that is in keeping with its character and is committed to the preservation of its historic sites and natural features," the city declares on its website. Suwanee has a permanent population of 10,000, about 30 miles northeast of Downtown Atlanta.
Madison's G.K. Johnson, who will be directing the project, says "this is going to be a product that the city and the community will be proud of. There will be a higher level of merchants than those you find in a typical strip center." Madison has an option to buy another 1.7-acre tract fronting Town Center Park.
Another developer, Main Street Corners LLC, is completing a 42,000-sf, two-story building at Town Center that will house Main Street Bank , a barber shop and a retail mix, according to city officials.
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