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ATLANTA-Locally based Novare Group has acquired nine acres in Buckhead Village for $40 million where it plans to build a mixed-use development that will include retail, office and condominium space.

Due to existing tenant relationships on portions of the site, which is located at the southeast corner of Pharr and Peachtree roads, the development will occur over the next seven years and is in the early planning stages. Several retail shops and apartment buildings are on the site.

“This site presents the opportunity to create an extraordinary walkable urban experience in the heart of Buckhead,” says Novare Group CIO John Long. “We look forward to working with the Buckhead Alliance, the Buckhead neighborhood constituencies and other key developers to continue to transform the village.”

A company spokesman tells GlobeSt.com that the development is in the very early planning stages. Novare is in the process of developing more precise site plans, including the mix of uses planned for the site and the square footage of each use. Novare is also developing the planned timetable for the project.

The land assemblage was been under way for two years, beginning with the acquisition of a ground lease on 225 and 235 Pharr Rd. in 2004. In a related transaction, Novare has agreed to sell its Buckhead site at 3275 Peachtree Rd. for a reported $18 million to Selig Enterprises for cash and a parcel located at 744 West Peachtree St. in Midtown. The parcel is next to a property Novare purchased earlier in the year from the Atlanta Opera.

“Because Novare and Selig owned sites adjacent to each other in two locations, Selig thought it made sense to get together to discuss a swap,” says Novare president Jim Borders. “We accomplished our objectives of expanding to the corner of Fourth Street and West Peachtree in Midtown, as well as narrowing our Buckhead retail focus to the Village.”

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