Jamestown Properties, the developer of Ponce City Market, has listed for sale the land for its planned $300 million Riverview Landing project along the Chattahoochee River in Cobb County.
The company, with headquarters in Atlanta and in Germany, has controlled the more than 80-acre site for about 10 years and first pitched the mixed-use concept about five years ago after the worst of the downturn.
Though road and other infrastructure work critical for access to the site has been underway for the past few months, the head of Jamestown said it is now the right time to consider a sale.
Jamestown CEO Matt Bronfman said the property is held by one of its investment funds, which is nearing a point in the cycle where it is selling assets.
Jamestown pitched Riverview Landing as a respite from city life along Cobb’s underdeveloped riverfront. The property is on the market for $16 million, according to offering documents posted online by commercial real estate services firm Cushman & Wakefield.
The Cobb property carries with it the zoning needed to build a mix of single family homes, condos and senior housing, apartments and retail. It was annexed into the city of Smyrna a few years ago, and the city recently approved improvements to Riverview Road, the thoroughfare that provides access to the site.
The area around the planned site is largely industrial, though Georgia Tech’s rowing program and REI has an outdoor outpost that share river access there.
Riverview Landing also has played host to fall festivals and other community events. Residential development, however, has not yet taken place.
Though the plans for Riverview were introduced after the technical end of the recession, the downturn delayed Jamestown’s plans for the property.
“I’d love to own this for a long, long time, but the issue is this is in a fund and we’ve now owned it going on 10 years,” Bronfman said. “We’re at an inflection point on the site.”
Bronfman said the company could decide to sell all of the property or retain an equity stake in the land and remain a development partner in the deal.
“We’re just going to see where the market is,” he said. “We are open minded and we’ll see how it plays it out.”