By Tony Wilbert, WNS PR
ATLANTA (Sept. 2, 2010) - Bob Nardelli, once Atlanta's most famed business celebrity, is back in town checking out potential investments for Cerberus, the huge investment firm.
I ran into Nardelli leaving an office tower at Atlantic Station last month. Nardelli said he had just met with Jim Jacoby, the real estate visionary who came up with the idea to turn the rusty Atlantic Steel plant west of Midtown into a mini-city.
Nardelli said he and Jacoby discussed a couple of potential investments. Jacoby has several projects under way or in the planning stages, including the redevelopment of the former Ford plant near Hartsfield-Jackson Atlanta International Airport and another former Ford Assembly Plant in Norfolk, Va.
Nardelli became the biggest name in Atlanta business when he replaced local business legend and chief Falcon Arthur Blank as Home Depot CEO in December 2000. He earned very mixed reviews before leaving with a $210 million severance package in January 2007.
In July 2009, Nardelli rejoined Cerberus (for which he previously ran Chrysler) as the head of one of its business units. In the press release announcing Nardelli's new job at Cerberus, the company said, "Nardelli will also join Cerberus' investment committee and valuation committee, and will be integrally involved in significant due diligence projects relating to prospective investments."
Jacoby and Nardelli likely know each other through their roles as members of SCAD-Atlanta's Board of Visitors, which Nardelli chairs. If they make a deal for Cerberus to invest in a Jacoby development, expect to see huge headlines here.
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