The city had the 11.95 acre previously appraised at $7.32million or $602,510 per acre ($13.83 per sf). The agency voted unanimously inJanuary to do the deal with Winter, as GlobeSt.com previouslyreported. Marietta, with an estimated population of 67,000, isseven miles northwest of Downtown Atlanta.

Winter Properties plans a mixed-use venture on the site thatwill have a build-out value of $112 million, Bill Marsh, thecompany's vice president, tells GlobeSt.com. The redevelopmentproject will have 174 residential condominiums, 141 townhomes and atotal 78,000 sf of retail and office space just off the MariettaSquare. The project has "the potential to become the premierlocation for residents and businesses in central Marietta," Marshsays.

"This is the biggest private development project in the historyof the city, done without tax assistance [and] implementing thegoals established by the Marietta City Council four years ago,"says MHA chairman Hap Smith. "The potential for this development isunlimited."