Rumors have been circling for the past few weeks and now the Atlanta Business Chronicle is reporting that Alpharetta’s defunct Prospect Park project is under contract to Cincinnati based North American Properties, Inc.

Three years after construction stalled on Alpharetta’s $750 million Prospect Park luxury mixed-use project, North American Properties Inc. has the 106-acre site under contract.

North American Properties will scale back plans of the project’s former developer, Stan Thomas, who once hoped for 750,000 square feet of retail, a hotel, 350,000 square feet of offices and 81 residences starting at $1.5 million.

You can read the whole thing here.

North American Properties is the same company that also purchased a central piece of Midtown Atlanta’s struggling Atlantic Station project earlier this year. You can read more about what North American Properties has done wtih Atlantic Station here, here and here.

As a resident of Alpharetta I can only hope that this sale will mean Prospect Park can now become the jewel that was originally promised.