The Atlanta Development Authority (ADA) intends to close on a $2.5 million TAD bond issuance for Moore's Mill Crossing in the first quarter of 2011, and Columbia, S.C.-based Edens & Avant plans to begin the next phase redevelopment in August. The $42.1 million project will include a new, 45,600-square-foot Publix and 31,040 square feet of shop and restaurant space. An existing CVS opened in January 2009 as the initial piece of the redevelopment, which also includes a residential component on the property's western edge that will be built in coming years. Moores Mill Road will be extended through the property to Marietta Boulevard.

For the ADA, Edens & Avant and the neighborhood, redevelopment of the Moore's Mill Crossing, currently home to Buy Low supermarket, has involved a lengthy, complex process. The Perry Bolton TAD started in 2002 with the purpose of redeveloping the Atlanta Housing Authority's Perry Homes projects and improving the housing and retail stock and amenities in the area. ADA Senior Project Manager Amanda Rhein has been working on the Moore's Mill/Marietta project - among others - since her first day on the job in May 2004.

"We couldn't be happier about the incredible projects we're working with in this TAD," Rhein said. "It's been a long time coming."

Of course, the Marcus & Millichap team - Britton Burdette here in Atlanta and Jacob Steele and Andy Glinski in Denver - understands that now is not then, and the current reality dictates far different pricing than in 2006, when LandMar Group acquired the 718-acre parcel for nearly $40 million. Marcus & Millichap is representing plan of reorganization trustee Bridge Financial Group, and the asking price for the property is $12.5 million.

The mixed-use site has 4,000 feet of North River frontage, and target investors include those willing to bank the land; residential developers, which would have some environmental remediation to perform; industrial, which would require little to no remediation; or a mix, Burdette said. The site is registered with the Georgia Brownfield program, and the previous owner performed extensive environmental studies and filed a corrective action plan with the state Environmental Protection Division.

Following the Sea Island Co.'s sale of more than 23,000 acres nearby, the Durango site may be perfectly positioned for a market that's regaining some sense of normalcy after chaos and recession.

"This property is correctly positioned to receive the ripple effect from (the Sea Island) sale," Burdette said. "Further, we believe that there will be significant interest from the market now that the price has been reset. Given the property's unique qualities, investors will be able to extract value with multiple strategies."