COBB-MARIETTA COLISEUM & EXHIBIT HALL AUTHORITY HIRES BROKERS TO MARKET HOTEL SITE, MIXED-USE DEVELOPMENT

ATLANTA – The Cobb-Marietta Coliseum & Exhibit Hall Authority, owners and operators of Cobb Galleria Centre, Cobb Energy Performing Arts Centre and Galleria Specialty Shops, voted last week to hire two real estate brokers to market potential development projects on sites adjacent to the venues.

The Authority hired real estate broker CBRE to market the development of a hotel on-site at Cobb Galleria Centre. The Authority is seeking a ground lease for a full-service, 300-400 room hotel. The hotel would be built adjacent to the atrium on top of the northwestern portion of the Galleria Specialty Shops. “We believe this is one of the best sites in Cumberland for a larger hotel facility,” said Bob Voyles, Chairman of the Real Estate/Construction Committee of the Authority. “Its proximity to the convention hall facility and the future connection to the Braves Stadium and mixed use complex offer an enviable combination of adjacent potential business and customers.”

The Authority also hired veteran real estate broker John Speros, with Ackerman & Co., to market for sale or a ground lease the 5-acre property it owns adjacent to the Cobb Energy Performing Arts Centre surface parking lot. The Authority is seeking proposals for a mixed-used development. The Authority used reserve funds to purchase the property for $7.2 million in 2003 for potential future development opportunities. “This site has amazing visibility from both I-75 and I-285,” said Voyles. “We think it will be highly sought after for multi-family, office, and mixed use/retail.”

Located in the beautifully landscaped 88-acre Galleria complex in prestigious northwest Atlanta, Cobb Galleria Centre is Atlanta’s premiere convention facility.  The Cobb Energy Performing Arts Centre is located at 2800 Cobb Galleria Parkway in northwest Atlanta, inside the Perimeter. The Cobb-Marietta Coliseum and Exhibit Hall Authority is the governing body of the Cobb Galleria Centre, Cobb Energy Performing Arts Centre and Galleria Specialty Shops. For more information on Cobb Galleria Centre visit www.cobbgalleria.com, and for more information about the Cobb Energy Performing Arts Centre, visit www.cobbenergycentre.com.

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