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ATLANTA-Gables Residential Trust isn’t letting price get in the way of acquiring a strategic, multifamily-zoned, 10-acre tract near the hot development hub at Interstate 285 and GA 400. Gables paid $12 million or $1.2 million per acre for the property which includes a 110,000-sf office that will be demolished in November.

At $27.55 per sf, the Gables-acquired land is pricier than most retail tracts purchased for high-end shopping center developments, area land brokers familiar with the site tell GlobeSt.com. Still, Gables’ long-range development plans called for this newest project to be built near two other completed phases across Meadow Lane, brokers familiar with the company’s strategy, tell GlobeSt.com The existing Gables properties are Gables Metropolitan I and II, a joint venture with JP Morgan.

Final construction at the newest enterprise is expected to be completed in first quarter 2007. The first apartment section, however, should be ready for occupancy in November 2005, area leasing consultants tell GlobeSt.com.

Also developing class A multifamily communities near the Gables projects are Griffin Co. of Atlanta and Sembler Co. of St. Petersburg, FL. Griffin is building a mixed-use venture on Barfield Road on the site of a former Ford dealership. Sembler expects to break ground by year end on Perimeter Place, a 27-story condominium structure that will also offer residents a SuperTarget store on the premises. Sembler plans to demolish two BellSouth office towers in the next month to make room for Perimeter Place, area brokers following the project tell GlobeSt.com.

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