Gwinnett mega-developer Mason sells his Beltline land

Back in September, Gwinnett County developer Wayne Mason threw Atlanta's Beltline project — one of the most significant urban-renewal initiatives in city history — for a loop. Mason, who with his son Keith owned five miles of the 22-mile ring of proposed transit and trails, walked away from the city's negotiating table after city planners indicated an unwillingness to allow dense development along the Beltline's path.

There's been much speculation since then as to what exactly happened between the Masons and the city, what the Masons would do with the land next, and how the city would build the Beltline when nearly a quarter of its footprint was on such shaky ground. According to the Masons, the value of the 72-acre property, purchased from Norfolk Southern for $25 million in 2004 and stretching from Ansley Park to Old Fourth Ward, had catapulted in two years to more than $140 million.

Apparently, the Masons now have a buyer — and it's not the city of Atlanta.

A short while ago, Liz Coyle, vice chairwoman of the Neighborhood Planning Unit that's home to much of the Masons' land and a leader in a grassroots fight to keep the Masons from building a pair of 38- and 39-story towers overlooking Piedmont Park, told me the following:

The Masons are getting ready to transfer the property to another owner. Nobody’s able at this point, not even Atlanta Beltline Inc. CEO Terry Montague, to get the name of the investor out who bought the land.

But the city’s been talking with them the Masons for some time, and we know a number of investors have been talking to them. And let’s say that these are investors who have an interest in the city and the Beltline.

I’m feeling good about this, frankly. This gets the Masons out of the picture and hopefully brings to the table some people who are willing to work constructively with the city and the neighborhoods on resolving this. Of course, Atlanta Beltline the agency responsible for planning the Beltline is still as committed as they have been all along to do the Beltline with integrity.

We'll be posting updates on the sale of the land as we get them. Stay tuned.

UPDATE from the Mason camp. Here's the statement on the sale, which was made public this afternoon:

More than 2 1/2 years ago, we invested in the City's vision for a public-private partnership and committed to doing our part to realize the Beltline concept and potential. We offered to donate to the City 43 acres of property for 11 parks and 5 1/2 miles of double-tracked transit and trails. Throughout the 5 1/2 mile corridor, we proposed creating 3,000 housing units and 140,000 square feet of retail.

That plan was unacceptable to the City’s initial top Beltline advisers as well as some City officials, who, working in concert with special interest opponents, made the process untenable.

We analyzed our options and are pleased with the sale of our Beltline property interests. It was a valuable investment for us and we believe it will be even more valuable for future owners.

We regret that our proposals were not accepted by the City's previous Beltline leaders. We believe with the new Beltline leadership headed by Terri Montague that the new owners and the City will have a rewarding relationship.