The developers also gave the city a $1-million non-refundabledeposit on the pending $27-million purchase of the two-million-sfformer Sears Roebuck Co. catalog warehouse. The 75% vacant,77-year-old asset is on Ponce de Leon Avenue near Midtown.
The entire mixed-use redevelopment will cost about $375 million,a Ponce Park representative tells GlobeSt.com. Other sources closeto the project previously told GlobeSt.com the venture would costat least $400 million.
Thedevelopers, as GlobeSt.com previously reported, are theMorsberger Group of suburban Lawrenceville, headed by EmoryMorsberger; Adams & Co. Real Estate; Lane Investment &Development LLC; Integral Group; and the Atlanta NeighborhoodDevelopment Partnership.
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