Developer offloads web site the place high-profile ‘The Reid’ deliberate

A block-sized growth web site close to the BeltLine that was speculated to proceed Memorial Drive’s constructing growth whereas marking a developer’s return to the intown industrial actual property scene has been bought.

Toro Improvement Firm accomplished demolition work final yr on the 952 Memorial Drive property in Reynoldstown the place Reid’s Physique Store, a cherished native enterprise, had operated for practically 70 years earlier than promoting in 2022.

A 185-unit house enterprise named The Reid Flats in homage to the property’s longtime proprietor was introduced final yr to exchange the auto enterprise and salvage yard.

As a substitute, Fulton County tax data point out the property was bought to an LLC known as KCC Capital in December.

The primary conceptual have a look at plans for The Reid Flats alongside Memorial Drive. Toro Improvement Firm; designs, Dynamik Design

TDC founder Mark Toro confirmed the sale to Urbanize Atlanta however offered few different particulars, noting he’s not at liberty to expose the customer or buy worth.

It marks the third occasion during which Reynoldstown growth plans have modified course or faltered close to the BeltLine in current weeks.

In keeping with the Georgia Secretary of State’s workplace, KCC Capital was registered as a enterprise in October and relies at places of work on Dallas Avenue within the Previous Fourth Ward. Makes an attempt to succeed in KCC Capital representatives in the present day weren’t profitable.

Allowing data present no exercise on the web site since March, when TDC filed plans to construct a five-story multifamily mission round a parking deck in two phases. The Reid Flats had been anticipated to start vertical development final Could and to begin delivering in summer season 2025, officers informed Urbanize in February final yr.

Having been in enterprise because the Fifties, Reid’s was certainly one of Memorial Drive’s final massive landowner holdouts close to the Eastside Path. In a press release when the store’s closure turned information in 2022, proprietor Robert Reid mentioned the household was “excited to see this grow to be an important new place for individuals to reside.”  

Property data point out the 1.64-acre parcel fetched $6.8 million in July 2022.

The nook constructing housing fashionable diner House Grown, proven at proper, wasn’t impacted by demolition. Josh Inexperienced/Urbanize Atlanta

The Reid’s Physique Store property within the context of current Memorial Drive growth and, at far left, the BeltLine’s Eastside Path. Google Maps

The flats had been deliberate to rise on a sloped web site subsequent to fashionable diner House Grown on the nook of Memorial Drive and Holtzclaw Avenue, simply north of the Madison Yards mixed-use complicated. No new retail was deliberate, however TDC officers mentioned they’d deliberate to include memorabilia from the store as an essential facet of the mission’s design.

TDC’s plans known as for a variety of studios as much as two-bedroom items, with a pool on the roof. Fifteen p.c of the leases would have been reserved as inexpensive housing—as required by the BeltLine’s inclusionary zoning ordinance—at 80 p.c of the world’s median earnings. 

For Toro, a former North American Properties government, the Reynoldstown mission was speculated to mark his fourth enterprise alongside the Eastside Path hall. Others embrace Edge OTB, Anthem on Ashley, and Camden Fourth Ward (previously BOHO4W).

The Reid Flats marked TDC’s first new multifamily mission to interrupt floor—a minimum of when it comes to demolition. The corporate’s a lot bigger mixed-use enterprise in suburban Johns Creek—the 43-acre Medley mission—continues to maneuver ahead.

The Reid joins two different proposals inside a couple of blocks which have just lately modified course in the identical neighborhood.

The others embrace Colgate Mattress Lofts (now cancelled) and a 2-acre web site at 195 Chester Ave., which nationwide developer Toll Brothers has bought to Atlanta-based Embry Improvement Firm to construct a mixture of 85 townhomes and condos.

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• Reynoldstown information, dialogue (Urbanize Atlanta) 

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