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MARIETTA, GA-With 22 million sf of vacant office space existing in 16 metro submarkets, developer Gary Eubanks has told elected officials in this suburban city he would still gamble on developing a $10.4-million, class A building if the city would give him a $600,000 tax subsidy, brokers and other local sources in a position to know tell GlobeSt.com.

Eubanks has told city council members the tax incentive money would be used to relocate sewer and utility connections. The building would be the first class A office property in this city of 65,000 permanent residents, area brokers familiar with the project, tell GlobeSt.com.

The proposed structure would be on an old warehouse and parking lot site, a block from Downtown. The city is about 10 miles northwest of Downtown Atlanta. Marietta officials are studying Eubanks’ request for the creation of a tax district. Eubanks manages several Downtown Marietta retail and office buildings.

To support his request for a tax subsidy, Eubanks points to two recently created special tax districts in the near-Downtown sector. Local developer West Godwin will be receiving $400,000 to fund demolition costs on a site where the $10.4-million, 32-unit Marietta Mill Lofts condominiums will be constructed, as GlobeSt.com previously reported.

Another developer, Marty Littleton, is getting $660,000 for his $9.6-million duplex redevelopment of 17 Second World War-era properties, also near the Marietta Square business district.

In other redevelopment activity, the Marietta Redevelopment Corp. has recommended Hedgewood Development LLC of Cumming to the city council as the developer of the former Johnny Walker Homes site near Powder Springs and the South Marietta Loop. Hedgewood proposed to build 198 homes priced for an average $265,000 in its $55-million undertaking.Hedgewood beat out Atlanta-based Myrick Co. for the job. Myrick’s $31-million proposal consisted of 50,000 sf of retail and 65 single-family residences priced from an average $340,000 to $500,000. Hedgewood already has a redevelopment project in the same tax district–the $22-million Manget Street project near Roswell and Fairground streets. That eight-acre site will have 89 homes sized from 1,500 sf to 2,500 sf and prices from $200,000 to $320,000.

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