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ATLANTA-Despite a sagging rental apartment market, prime Downtown land continues to appreciate as indicated by the $8.2 million price tag The Novare Group paid for a nearly 3.8-acre site in one of the highest-price per-acre dirt deals done this year in the central business district.

Locally based Novare paid Peachtree Portal LP/TCW Realty Advisors, also of here, $2.18 million per acre, or about $50 per sf, for the tract at West Peachtree and Alexander streets. The site is two blocks from Centennial Olympic Park and planned new attractions of the World of Coca-Cola and the Georgia Aquarium.

Advantis/GVA brokers John Maddox Jr. and David Branch negotiated for the seller. They expect remaining Downtown land to top even the Novare-acquired parcel. “This purchase will definitely add value and focus towards the remaining three-acre adjoining tract” that the Peachtree Portal partnership is also selling.

Meanwhile, in north Downtown where Novare plans to develop 1,200 apartment units in 2004 on a four-acre paid next to the MARTA Civic Center Station, Daniel Corp. of Birmingham, AL has paid $9 million, or $2.73 million per acre, for a 3.3-acre tract just north of the Novare project, according to locally based Databank.

Area brokers following the multifamily market tell GlobeSt.com Daniel plans to build 356 apartment units on the site now occupied by Mac’s Berr & Wine Shop at 929 Spring St.

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