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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.

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