GlobeSt.com UPDATE: Seven Developers Vie for $100M Redevelopment Project

MARIETTA, GA-Seven prominent developers have made the first cut in this city’s competition for a redevelopment contract to rebuild the former 11.3-acre Clay Homes public housing site one block from historic Marietta Square. They are Trammell Crow Co., Pacific Group, Jolly Development, Urban Realty Partners, Winter Properties, Hedgewood Development and Goldman Co.

The project has drawn the attention of the area’s development community because of its potential size and profitability factor. It will also be the largest intown development in Marietta in 30 years, area broker intimate with the project tell GlobeSt.com. Marietta is 12 miles northwest of Downtown Atlanta.

The envisioned mixed-use development could have a total build-out value of $100 million, according to the Marietta Housing Authority which is overseeing the project. An undetermined amount of residential, office and retail space will comprise the redevelopment. The city’s planning commission approved the rezoning of the site in June, as GlobeSt.com previously reported.

The Authority plans to reduce the seven semifinalists to three before scheduling a formal vote on the winner in October. The Authority expects to sign a purchase contract for the 11.3 acres with the developer candidate by year end, persons in a position to know tell GlobeSt.com.