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ATLANTA-Area brokers following the Midtown office and multifamily markets tell GlobeSt.com that Dewberry Capital Corp. has acquired about a half acre (21,780 sf) at the northeast corner of 19th and Spring streets near a Peachtree Street site where the company plans to erect two office towers, two high-rise condominium communities and a 600-unit apartment complex. A development time frame is being worked out.

Dewberry Capital, headed by John Dewberry, a former Georgia Tech University quarterback, purchased the parcel from Steven Selig III for a price brokers estimate at $762,300, or about $35 per sf. Brokers base their estimate on recent area land deals that have closed for about the same per-sf-price.

Dewberry Capital recently completed a four-year assemblage of a prime Midtown block with the purchase of a 14,000-sf parcel at the corner of 10th and Juniper streets, as GlobeSt.com previously reported. Brokers estimated the value of that deal at $500,000.

The 14,000-sf acquisition from longtime Atlanta retailer Charles Walker and his Herschel Harrington Scenic and Lighting Studio gave Dewberry control of the block bordered by Peachtree, 10th, Juniper and 11th streets. Dewberry bought most of the block in December 1999.

Founded in 1989 by John Dewberry and his brother, Douglas, Dewberry Capital has completed selected projects in Georgia and Florida in its 14-year existence. In Jacksonville, FL, the firm owns the 43-year-old, 309,729-sf Roosevelt Square Mall, a $25 million redevelopment of an enclosed retail center and an adjacent Publix Supermarket to a single, open-air center. Dewberry obtained a $23 million permanent loan in May 2002 from Atlanta-based Column Financial Inc., as GlobeSt.com previously reported.

In Georgia, Dewberry Capital has developed Rockdale Square in Conyers; the 110,000-sf Shiloh Square in Kennesaw; and Belle Isle Square on Roswell Road in Buckhead. On the multifamily side, the company built Dewberry Glen on Glenridge Drive and the 212-unit Dewberry Isle.

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