Almost three weeks ago, LakePoint Sporting Community entered into voluntary Chapter 11 bankruptcy proceedings in federal court in Rome. Earlier this week, some of the first wave of filings began — reports on assets, liabilities and related financials.
The new management team, working with primary owner Rimrock, plans to be out of bankruptcy within five months and pledges growth among LakePoint’s 1,300 acres — especially a vital arterial road involving the undeveloped north campus — will continue.
Projected to draw 1.2 million guests this year and perhaps 10 percent more next year, LakePoint bills itself as a $100 million per year economic engine for Bartow and adjacent counties. (The story so far)
That potential — and those numbers — apparently are good enough for the latest player to embrace southern Bartow County along I-75. That player is a big one in neighboring Cobb County and other jurisdictions. The name: Pope & Land Real Estate.
The company has purchased 150 acres in the Emerson and has an aggressive phase one plan in hand: A mixed‐use development featuring a 65,000-square‐foot retail village, two hotels, several restaurants, 150,000 square feet of office and 300 multifamily units. That is to be followed by 60 acres “for corporate offices aimed at attracting sports‐related and international firms to Bartow County,” according to a media release.
Pope & Land might be a new name to many of us but you’ve seen the company’s work, especially in the northern suburbs of Atlanta, in Orlando and other major cities. One of its recent additions is One Ballpark Center in The Battery at the new home of the Atlanta Braves (the building with the Comcast logo on top).
Here’s some additional background from the media release:
“Pope & Land formed a venture with SSG Strategic Land Partners to acquire the land, which is at the intersection of Red Top Mountain Road Interstate 75, and features approximately one mile of frontage on Interstate 75. It is also directly across I‐75 from the 1,300-acre LakePointSporting Community where SSG Strategic and its affiliated companies were responsible for virtually all of the land transactions related to the LakePoint Sporting Community. ‘We have developed more than one million square feet of office and medical space in Town Center and we have been one of the most active developers in the Cumberland area, so we are quite comfortable developing in the I‐75 corridor,’ says Mason Zimmerman, senior managing development partner for Pope & Land. ‘We have been very impressed with the leadership in Bartow County and the City of Emerson and that’s one of the reasons that we chose to invest there. We believe there is an opportunity for this area to become a new Regional Activity Center on the I‐75 corridor.’ ”
And what about the bankrupcty filing? Again, from the media release:
While several development groups that make up the LakePoint sports complex recently filed a Chapter 11 reorganization plan, LakePoint will continue to operate and will receive additional capital from its new owner, Rimrock Capital Management.
“LakePoint has done a tremendous job establishing its brand and creating world-class facilities. We believe it has a bright future,” says Zimmersman. “We expected the Chapter 11 reorganization would occur and we are confident LakePoint will emerge with a strong capital structure and more opportunities for growth.”
We’ll have additional updates as the project moves forward.
Bids are due July 6 for a Burger King planned at 5620 Canton Highway in Cartersville or just across Ga. 20 from Cracker Barrel. The new construction is estimated to be at less than 5,000 square feet under roof. Burger King already has restaurant at 4 N. Dixie Ave. and at 981 Cassville-White Road NW.