X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MARIETTA, GA-The Myrick Co., a 35-year-old, Alpharetta-based developer, has beaten out rival Hedgewood Development LLC of Cumming ina bid to buy a prime 12-acre site for a $31-million mixed-use project. The development would include 50,000 sf of retail and 65 homes in the $340,000 to $500,000 price range. The retail will front Powder Springs Street. The city council’s vote was 6 to 1.

Brokers who attended the public hearing tell GlobeSt.com Hedgewood’s proposed $55-million project would have consisted of 198 townhomes in the $275,000 price range. Hedgewood planned no retail or other commercial at the former Johnny Walker Homes public housing site just south of the Marietta Square.

Hedgewood is redeveloping another site for the city near Roswell and Fairground streets, as GlobeSt.com previously reported. The 89 townhomes in the $22-million project are sized from 1,500 sf to 2,500 sf. They are projected to sell for $200,000 to $320,000, area residential brokers familiar with the project tell GlobeSt.com.

The Myrick-Hedgewood rivalry on the Johnny Walker site drew attention in the local commercial real estate community because Marietta elected officials rejected a $43-million proposal last year from Madison Retail LLC whose principals include John A. Williams, the former chairman of Post Properties Inc. The issue was over the amount of retail and office space included in the Madison proposal, as GlobeSt.com previously reported.

Publishing System

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?

Dig Deeper

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.