In return, Cowart has agreed to build a 500-foot road, parkinglot and public park near the development site at the intersectionof Birmingham Highway and Crabapple Road. The road will provide analternate route between Crabapple and Broadwell roads.

The city land is valued at $428,000, or about $112,631 per acre($2.59 per sf), city staffers confirm for GlobeSt.com. But the cityhas deducted its improvement costs on the land, giving the dirt aneffective price of $210,000.

Cowart plans to break ground on the project by year end. Hisoriginal plans called for 100,000 sf of office, 100,000 sf ofretail and 775 townhomes and single-family residences on 450 acres,as GlobeSt.com previously reported. Area residents objected to thatproject because of its size, scope and potential future problemswith increased traffic, noise and air pollution.