Levitt Draws Up Plans for $500M Mixed-Use Project

However, the land deal hinges on the City of Gainesville rezoning the land to residential use from agricultural status, Don Grosswald, Levitt's Atlanta regional president, tells GlobeSt.com. Grosswald declined to disclose the contract price of the land or the estimated development cost of the entire project.

However, area industrial brokers familiar with the Lake Lanier submarket tell GlobeSt.com the land, which has two separate shorelines and lake views, will probably be sold for at least $300,000 per acre ($6.89 per sf) or a total $123 million. The entire project will probably run about $500 million, area brokers tell GlobeSt.com. Grosswald says the land is being purchased from Sanford Orkin who has owned the property for 30 years.

Homes in the planned gated community will range from $200,000 to $400,000. Home purchasers at Seasons at Lake Lanier have to be at least 55 years old to qualify, Grosswald says. This is Levitt's adult community in metro Atlanta. The builder opened Seasons at Laurel Canyon in Canton earlier this year.

Levitt is also submitting preliminary development plans to the Georgia Mountains Regional Development Council because Seasons at Lake Lanier falls into development of regional impact status based on its size. Grosswald says the overall density for the project will be slightly less than two homes per acre.

The project's master plan calls for a community commercial area "with the possibility of retail and restaurants near the intersection of Browns Bridge and McEver Road," the developer says. Levitt plans to develop several other Seasons neighborhoods throughout the Atlanta market, Grosswald says. Seasons at Lake Lanier was in the planning stage for the past nine months.

Although about 215 acres at the 410-acre site will be set aside as open space, the developer is confident the project will be profitable. "The master plan for Seasons at Lake Lanier creates a community-feel for the entire development and is one of the hallmarks of Levitt and Sons communities," Grosswald tells GlobeSt.com. "The homesites take advantage of the natural terrain, maximizing the developable land and creating a great, natural amenity for our buyers."