X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Gwinnett County developer and former county commissioner Wayne Mason and his NorthEast Atlanta Beltline Group company tentatively plan to erect twin 25-story condominium towers at the southern tip of Piedmont Park at Monroe Drive and 10th Street, the Midtown Neighbors Association has told area brokers and other sources. The developer’s representatives had laid out the conceptual plans to the group.

If built, the estimated $100-million high-rise development would be the first to break ground along the city’s blighted 22-mile Beltline corridor of railroad tracks that link a dozen neighborhoods. Mason bought 4.5 miles of track last December from Virginia-based Norfolk Southern Corp. for $25 million or $373,134 per acre, as GlobeSt.com previously reported. The developer has already completed a review of the project with the Georgia Department of Natural Resources.

Mason would also have to ask the city to rezone his tract to allow a high-rise development. Some areas of Piedmont Park have a three-story maximum height development level. The city is anxious to redevelop the Beltline corridor and already has selected long-time Atlanta industrial developer A. Ray Weeks Jr. to chair a committee that would plan a total nine million sf of industrial, office and retail space along the 22-mile loop, as GlobeSt.com reported last month.

Mason’s land runs from DeKalb Avenue to Piedmont Park to Interstate 85. Brokers familiar with the Beltline enterprise tell GlobeSt.com Mason favors the city’s transit system plan but also wants to develop 200 feet of adjacent track land. If the city sets up the track property as a special zone or a tax allocation district, developers such as Mason would receive tax breaks, brokers familiar with the city’s incentive program tell GlobeSt.com.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.