Some of the development rights at the Margaret Mitchell House and Museum have been sold to Tivoli Properties, which plans to use the rights to create more density for a residential project on 13th Street.

The 116,781 square feet of development rights were sold for $1.4 million. Net proceeds after fees will go to a new endowment for the Mitchell House. The Atlanta Historical Society, which owns the attraction, plans to grow the endowment to $5 million. Selling the rights protects the historic attraction from intense development.

Tivoli, developer of the Aqua condominium building in Midtown, intends to build a 24-story multifamily building between Juniper Street and Piedmont Avenue, according to plans submitted to the city. The building would contain 249 units.

Databank says the developer recently paid more than $4.2 million for the 1.5-acre site, which now contains older rented homes.

ECONOMY

Atlanta will be one of the first metro areas to see a housing recovery, according to financial giant UBS.

UBS analysts David Goldberg and Alexander Goldfarb selected Atlanta —- along with Austin, Texas, Charlotte, Dallas/Fort Worth and Houston —- as the recovery leaders.

The analysts cited positive trends in demographics, economic growth, affordability and inventory in those five markets. Eight other markets ranked lower.

TRANSACTIONS

Columbia Properties in Marietta paid $4 million for the former Home Depot Landscape Supply Center in Smyrna.

The 39,000-square-foot property is located at 4600 South Cobb Drive. Florida-based real estate company Ram was the seller.

Ken Baye, Ram's senior vice president of development, and Bader & Associates Realty handled the sale.

Ram paid Home Depot $22 million this year for 11 sites in Atlanta and Dallas-Fort Worth that were part of Home Depot's defunct Landscape Supply chain.

NEW LEASE

Mitsubishi Digital Electronics America plans to lease 265,000 square feet of industrial and distribution space at 625 Braselton Parkway. The building is located at Duke Realty Corp.'s Park 85 at Braselton industrial center. Mitsubishi will occupy the space next month.

IN THE WORKS

Lane Strategic Investment plans to spend $8 million to renovate the 710 Peachtree apartment building in Midtown.

The subsidiary of Lane Co. paid GE Real Estate $43 million for the 1.7-acre property last month, according to the CoStar Group.

The 56-year-old building contains 533 units, three restaurants and a small store. It will be renamed, Lane says. The renovation will include a new street-level facade and upgrades to the commercial and apartment spaces.

"Apartments continue to be a bright spot in today's real estate economy, and these are in a great location," Lane Co. Chief Executive Bill Donges said.

> Construction has begun on a John Portman & Associates-designed building in South Korea that is supposed to be the world's second-tallest when it is finished in 2014.

151 Incheon Tower will be 151 stories high. Portman Holdings, with offices in Atlanta and Shanghai, is leading an international consortium called Songdo Landmark City, which is developing the tower.

John Portman & Associates designed Peachtree Center and SunTrust Plaza.

TODAY'S BIG NUMBER: $8.49

In millions, what Ray Weeks and Forrest Robinson paid Cousins Properties for 69.7 acres in the Jefferson area northeast of Atlanta.

Source: Databank

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