A cleared site along Memorial Drive that was supposed to see nearly 200 apartments topping out this year a few steps from the BeltLine will instead house… nothing. At least for the foreseeable future.
That’s the word today from Arthur Cohen, an experienced Atlanta developer and partner in an LLC called KCC Capital.
KCC Capital bought the 952 Memorial Drive property in Reynoldstown in December where beloved local business Reid’s Body Shop had operated for nearly 70 years before closing in 2022.
Toro Development Company convinced the body shop to sell its 1.6 acres for $6.8 million and then completed demolition work at the block-sized site early last year. Then it all went quiet.
TDC, headed by former North American Properties executive Mark Toro, had planned to build 185 apartments in two phases called The Reid Flats, a nod to the property’s longtime owner.
According to Cohen, those plans—like any other plans—are off the table for now, in light of tough capital markets for developers.
“As of now, no concrete plans,” Cohen wrote to Urbanize Atlanta via email. “[We’re] waiting to see how interest rates move.”
The first conceptual look at plans for The Reid Flats along Memorial Drive. Toro Development Company; designs, Dynamik Design
Property records indicate the Memorial Drive land traded in December for $4.8 million, or a discount compared to what TDC had paid. Cohen confirmed his group spent “in that vicinity” to acquire the property.
Cohen is also the cofounder and a partner with real estate brokerage, development, and property management firm Cross-Town Realty and a principle with developer Tecton.
The latter company has built creative loft office and residential projects that include The Willoughby offices and Sager Lofts in Old Fourth Ward, The Ten Forty Commercial Lofts in Grant Park, The Elliot in the Armour Yards district, and South City Kitchen.
The corner building housing popular…
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