It's been a long time coming...since the Doraville GM plant closed in 2008. Everyone thought a new Atlantic Station-type development would quickly follow.
The real estate market had other ideas. And I've made numerous posts about the Doraville GM Plant!
But 2014 appears to be the beginning of the end of this massive 160+ acre site sitting vacant. Egbert Perry of Integral Group is heading up a development group that includes Roswell, GA based Macaule+Schmit as a development partner. Perry is one of Atlanta's best-know developers, and earlier this year was named Chairman of Fannie Mae. He's served on the Board since 2008.
A true transit-oriented project could rise with a MARTA transit station along one side, and sitting next to I-285 and I-85, visions of a much improved Atlantic Station-type development are what the goal is. The site would not only bring new housing to the city of Doraville. Nearby Brookhaven had city officials on hand for the announcement and forsee a "spill-over effect" for all the nearby cities like Chamblee and Dunwoody.
The announcement came during the State of the City Address this week by Doraville Mayor Donna Pittman.
"We are very excited to be working with a group of developers that support our Livable Communities Initiative (LCI) vision and we look forward to an August closing," noted Pittman. In the meantime, there is still much work to be done fine-tuning the details of the agreement. "From the creation of a tax allocation district to coordination with county and state entities, our long-range goal is to create a livable, mixed-use, transit-oriented development that will be beneficial to Doraville residents and businesses," Pittman said.
In an interview with Atlanta Business Chronicle earlier Monday afternoon, Perry said ongoing studies of the possible environmental issues should be completed in about 10 days. “We are not expecting any real surprises,” Perry said. “There was a need to just be prudent.”
Integral is supposed to finalize the acquisition Aug. 3, depending on the final outcome of the environmental investigation, he said.
Let's keep our fingers crossed it truly becomes a spot on the Atlanta map!
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