ATLANTA-Black gold is what area land brokers are calling a prime two-acre developable site next to the Federal Reserve building in Midtown where Birmingham, AL-based Daniel Corp. and locally based Selig Enterprises have a contract to buy the dirt for a speculated record price of nearly $12 million or $6 million per acre ($135.04 per sf).

The closing with the owner, the Michael C. Carlos family, is expected by year end, area land brokers who have tried to buy the same parcel in the past from the family tell

If the dirt goes for a price in the $6-million-per-acre range, it will beat the $10 million, or $5.89-million-per-acre price, Atlanta developer John A. Williams paid local developer David Songy and his Songy Partners in August 2004, as previously reported. That price equated to $135.21 per sf. The speculated Daniel-Selig price comes to $137.74 per sf.

Williams’ Grove Street Partners company is considering a deal with Songy to develop a 300,000-sf office tower and 150 condos on the site, as previously reported.

Representatives for Daniel Corp., Selig Enterprises and the Carlos family couldn’t be reached by’s publication deadline. However, a Midtown industrial broker who monitors all local land sales tells the transaction will be “the deal of the year, even if the price doesn’t set a record at this time.” The source says “the location makes this deal extraordinary.”

The site is on the west side of Peachtree Street, between 11th and 12th avenues. Vision, a local nightclub, currently occupies the site. Daniel-Selig plans to develop retail and condominiums on the tract, according to Atlanta city hall sources.

Daniel and Selig are also completing the $103-million, 452-unit Plaza Midtown mixed-use development in two 20-story towers at nearby 929 Spring St. Daniel-Selig paid $9 million, or $2.73 million per acre ($62.61 per sf), for the 3.3-acre tract, as previously reported. The condos are expected to be ready for occupancy in February, the 70,000-sf retail portion in March. A Publix supermarket will occupy the ground level.

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