The closing date on the deal hasn't been announced. Mason hasn'tdecided what he will build on the land but is considering high-risecondos, area industrial brokers familiar with the transaction tellGlobeSt.com. Known locally as the Belt Line, city planners havelong wanted to convert the tracks into an intown transitsystem.
Brokers following the transaction say Mason favors the city'stransit system plan but also wants to develop 200 feet of adjacenttrack land. If the city sets up the track property as a specialzone, or a tax allocation district, developers such as Mason wouldreceive tax breaks, brokers tell GlobeSt.com.
The city has established similar zones for the $2-billion,132-acre Atlantic Station redevelopment in Midtown and commercialand residential projects near Centennial Olympic Park.
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