It has been six months since Atlanta Beltline officials announced they had reached an agreement to buy a 4 1/2-mile segment of the Beltline in northeast Atlanta from Gwinnett County developer Wayne Mason, but the transaction has yet to be completed as the Atlanta Beltline Inc. and its development partner, Barry Real Estate, continue to search for funding amid a tight credit market.

The partners initially came up with about $24.5 million of the $66 million sale price. Mason loaned $45 million —- which included some working capital —- deferring interest and principal payments for the first six months.

But now, the joint venture must begin making monthly interest payments of $450,000. The first payment is due by May 31.

The deadline to pay off the loan is October 31. If that doesn't happen, the property could be forced into foreclosure, Beltline officials said.

Terri Montague, president and CEO of Atlanta Beltline Inc., the city's nonprofit arm overseeing the Beltline's development, said she was hopeful that a deal could be reached soon.

"We are actively in lots of conversations and have lots of prospects; we just haven't gotten there yet," she said. "Hopefully, the capital market will improve a bit."

Mason paid $25 million for the 66-acre tract in 2004, but his plans to rezone the property to allow for dense development, including high-rise condos near Piedmont Park, were bitterly fought by area residents.

The segment, which runs between I-85 and DeKalb Avenue, is seen as the most valuable leg of the Beltline, a planned 22-mile loop of transit, trails and parks through much of intown Atlanta. The route runs through the affluent Piedmont Park neighborhood as well as the rapidly gentrifying Old Fourth Ward neighborhood.

—- Paul Donsky

More Sandy Springs mixed use

Another mixed-use project has been proposed in Sandy Springs, this one southwest of Perimeter Mall.

The proposal is to build 395 apartments and 90,000 square feet of space for restaurants, retail and offices. The site now has a hotel with 120 rooms.

The site is in the southeast quadrant of the intersection of Hammond Drive and Peachtree-Dunwoody Road. The developer is Oxford Properties, according to a report filed with the state Department of Community Affairs.

Sandy Springs, like other close-in suburbs, is experiencing a trend of proposed developments that would fill in vacant land and parking lots. The largest such redevelopment in Sandy Springs is One River Place, a residential development near the Chattahoochee River that's built on the site of a former office park.

—- David Pendered

Free help for small businesses

The U.S. Small Business Administration last week unveiled a plan to help up to 20 small businesses in economically-challenged Atlanta neighborhoods.

The agency will provide 60 to 80 hours of free training assistance to selected businesses believed to have high growth potential. The businesses must have a minimum annual revenue of $400,000 and have been in business at least three years.

The Atlanta Development Authority and Atlanta Workforce Development Agency are co-sponsoring the program. ADA officials said the program is important because it helps Atlanta's entrepreneurs.

"[Entrepreneurs] create the underlying sustainable economic base that's essential for a city to grow," Charles Whatley, the ADA's director of commerce and entrepreneurship, said at a news conference last week held by Mayor Shirley Franklin at City Hall.

SBA officials have scheduled an informational meeting May 21 at the Auburn Avenue Research Library, 101 Auburn Ave. The meeting will take place from 6:30 to 7:30 p.m.

Those interested in learning more about the program can call the SBA at 404-331-0100, Ext. 607, or go to www.sba.gov/ga.

Atlanta is one of 11 cities selected for the program. The others are Albuquerque, Baltimore, Boston, Chicago, Des Moines, Memphis, Milwaukee, New Orleans, Oakland and Philadelphia.

—- Eric Stirgus

Pedestrian bridge OK'd

The Atlanta City Council last week approved plans for a covered pedestrian bridge between the Hilton and Marriott Marquis hotels in downtown Atlanta.

The bridge will stretch over Courtland Street, between Harris and Baker streets. It will be about 15 feet high and 17 feet wide.

Officials from the two hotels said the bridge will reduce the number of pedestrians jaywalking between the two hotel entrances, which are in the middle of Courtland Street, according to City Council paperwork.

The plans were submitted in July 2006. City planning officials were concerned the bridge would discourage people from walking along sidewalks in the area. Officials from the hotels worked with the city on a plan that would be less visually obtrusive.

Construction would take about five months to complete.

—- Eric Stirgus