A block-sized development site near the BeltLine that was supposed to continue Memorial Drive’s building boom while marking a developer’s return to the intown commercial real estate scene has been sold.
Toro Development Company completed demolition work last year at the 952 Memorial Drive property in Reynoldstown where Reid’s Body Shop, a cherished local business, had operated for nearly 70 years before selling in 2022.
A 185-unit apartment venture named The Reid Flats in homage to the property’s longtime owner was announced last year to replace the auto business and salvage yard.
Instead, Fulton County tax records indicate the property was sold to an LLC called KCC Capital in December.
The first conceptual look at plans for The Reid Flats along Memorial Drive. Toro Development Company; designs, Dynamik Design
TDC founder Mark Toro confirmed the sale to Urbanize Atlanta but provided few other details, noting he’s not at liberty to divulge the buyer or purchase price.
It marks the third instance in which Reynoldstown development plans have changed course or faltered near the BeltLine in recent weeks.
According to the Georgia Secretary of State’s office, KCC Capital was registered as a business in October and is based at offices on Dallas Street in the Old Fourth Ward. Attempts to reach KCC Capital representatives today were not successful.
Permitting records show no activity at the site since March, when TDC filed plans to build a five-story multifamily project around a parking deck in two phases. The Reid Flats were expected to begin vertical construction last May and to start delivering in summer 2025, officials told Urbanize in February last year.
Having been in business since the 1950s, Reid’s was one of Memorial Drive’s last big landowner holdouts near the Eastside Trail. In a statement when the shop’s closure became news in 2022, owner Robert Reid said the family was “excited to see this become a great…
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