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ATLANTA-Taking advantage of rock-bottom land prices, Temco Associates has purchased a majority interest in 1,150 acres in south Paulding County for the development of The Georgian, a planned 1,386-home community adjacent to an 18-hole, championship-caliber, Tom Fazio-designed golf course called The Frog at The Georgian Resort.

Infrastructure ground-breaking is tentatively scheduled to begin in May with the first homes expected to be completed by Q2 2004.

Temco Associates is a joint venture of locally based Cousins Real Estate Corp. and Temple-Inland Realty Inc. of Austin, TX. The partners didn’t disclose the price or seller’s name of the acreage. But Atlanta area industrial brokers familiar with Paulding land prices tell GlobeSt.com, on condition of anonymity, the joint venture probably paid about $1,000 per acre or two cents per sf for a total estimated investment of $1.15 million.

The Georgian will be the JV’s second Paulding County enterprise. At the planned 1,700-home Bentwater subdivision in northeast Paulding County, the partners sold about 300 lots alone in 2002, according to their prepared statement. Bentwater “has been one of metro Atlanta’s top-selling communities for three years running,” the statement says.

A previously published report puts the per-lot price at $40,000. That would place estimated lot sales at Bentwater in 2002 at $12 million.

Adjacent to Bentwater, Temco Associates plan a third project called Seven Hills, an 1,830-acre, 2,189-home residential-commercial community that would have 77 acres of offices, stores and schools, as GlobeSt.com previously reported. The partners are waiting for an OK on that project from the Atlanta Regional Commission.

Area brokers tell GlobeSt.com the Cousins-Temple partnership owns or has options to buy a total 9,100 acres in Paulding County. The partners also own timber rights on another 22,000 acres, giving Temco control of one out of every six acres in the county, brokers estimate.

To date, the partnership has purchased a total 10,000 acres in Paulding for $10.44 million, or $1,044 per acre (two cents per sf), as GlobeSt.com previously reported.

In Henry County, also part of metro Atlanta’s skyline, Cousins Properties Inc., parent of Cousins Real Estate Corp., has purchased 200 acres for an undisclosed price for a mall-sized shopping center off the Rodeco Road interchange at Interstate 75.

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