A very visible aspect of Atlanta, is the continued growth and gentrification of many areas of town that are slowly starting to move in the right direction. While in some areas these are family owned properties that have decided to do something about the improvements and values for their neighborhoods getting better. Investors also are purchasing older properties and renovating them for resale back to a private owner. Both forms of improvement contribute to community values increasing be it a private owner renovation or an investor renovation. However, care must be taken for if too many investment purchased and renovated properties occur it could affect the affordability of the average median income family to a point that they can no longer afford to buy in the neighborhood. While this may be a small negative, for the family homes that already live in the neighborhood it can actually be a good thing in that the average market values begin to increase inherently increasing the value of their home.
When considering investment properties or buying a home one noted area that has lots of commercial and investment developments coming soon is located within the boundaries of Moreland Ave SE – Memorial Dr. SE – I-20 and Hank Aaron Dr. SW. This fairly large rectangular area has 20 plus major projects either in process or soon to begin construction within a few years. Some of these I have listed below to help with ideas of where my future buying, selling, and investment clients may want to consider for purchases that should gain value over time if purchased early in the progress of the upcoming projects.
- WonderRoot, which is Reynoldstown’s arts organization will be involved in a move into the empty Atlanta high school with the estimated cost being well over $2.5 million for the renovations they are planning for their new space that is estimated to be 13+ times the size of their current space! Some of the structure details are performance spaces, 45 artist studios, , recording studio, and even a restaurant. This project is planned to be completed in 2017 on the 8 acres that spans between I-20 and Memorial Dr. SE. If starting at Wilbur Ave headed west on Memorial for a block this would be the other perimeter markers of the development.
- The Heritage on Memorial — On the same side of the street, in the next block a community of approximately 20 luxury townhomes are planned to be installed. It is estimated that the space for construction is 1.3 acres in size. While a date indicating the start of the venture hasn’t been announced the project is in the works.
- Urban Realty Partners project – Across the street from the Heritage Townhomes project mentioned above and where WonderRoot currently exists, the Urban Realty Partners have obtained 1.9 acres of this block with the possibility of more residential structures, although not stated as of yet. For the time being WonderRoot will remain in the space until their new location across the street is completed, which means the Urban Realty Partners’ project most likely will follow sometime after WonderRoot relocates.
- Leggett and Platt — This Mixed use project will be quite large in that it is estimated to have up to 600 units of housing as well as restaurants, a movie theater, a grocery store, and even some offices thrown in. The Project is planned to be accomplished some time in 2018 at a cost that could be as high as $300 million on the 15 Acres of land that is next to the luxury townhomes mentioned above.
- Habitat for Humanity HQ – While this project was completed back in 2014 at the corner of Memorial and Chester Ave, it is worth mentioning as it does add value to the area neighborhoods. Because of the increased space to 5.4 acres the organization now features a family support center as well as a restore space. The project cost somewhere near $12 million to complete. If you haven’t been for a visit, make time as there is a lot to be offered for those DIY projects and more.
- Urban Realty Partners Project – Currently at the corner of Pearl St and Memorial drive exists the Nextran Trucking company but in just over a year and a half or so, a new development is being considered for a mixed use structure on the 4 acres which could include an estimated 300 residential units along with offices. The planned date for this project is intended to be some time in 2019.
- Charles Tate Project – This developer has obtained the 1 acre space at the corner of Pearl St and Memorial Dr. just opposite the side from the Trucking facility mentioned above. Plans are to build a mixed use structure that will house 22 condominiums, 5 townhomes and a few retail spaces. This project should be done sometime in 2017.
- Atlanta Dairies / Pace Properties – Located at the corner of Memorial and Pearl St is a dairy co-op space that exists. However sometime in 2017 the developers are planning to reconstruct the space to provide space for live music venues, office spaces, and even a 24 hour diner. The area is around 10 acres in size and the renovations are estimated at approximately $125 million for what is planned.
- Grindhouse Killer Burgers / Pace Properties – What was once known as “Bar One” will become the 7th location of the burger chain known as Grindhouse Killer Burgers. The space is located on about an acre of land and is estimated to be renovated at a tune of nearly $2 million. So get ready if you love the Grindhouse menu the new location should be up in running by 2017 at the corner of Cameron St. and Memorial Dr.
- Walter Davis project – At the corner of Boulevard and Memorial Dr. on a small lot of approximately half an acre the owner is considering construction of a two story building with the intent of it housing a retail bank or possibly a pharmacy and maybe even a small food establishment. It is planned to be completed sometime in 2017 at an estimated cost of $2.5 million.
- Larkin on Memorial – With a location of 4 acres at the corner of Park Ave and Memorial Dr. this structure is slated to house restaurants, loft offices, and most likely a neighborhood grocery. This is where the Habitat for Humanity previously was located. Plans for this project are set for early 2017 at an estimated cost of near $18 million.
- The Parker – For a span between the 1940’s and 50’s a family by the name of Parker owned a gas service station on this 2.35 acres of land conveniently located at the corner of Wood St. and Memorial Dr. Hence, “The Parker” has been selected for the name of a 238 unit Luxury apartment complex estimated at $50 million to build sometime near late in the year of 2017. The complex will be in close proximity of Six Feet Under / Octane Coffee Bar just across the street from the new structure so if the atmosphere of this popular entertainment and business space is one of your spots consider the new offerings soon to come in apartment living.
- The George – Many who have been long time residents of Atlanta are familiar with the Azar liquor store that closed last year. The 1.43 acre space is now to be reconstructed in a 130 Unit apartment complex that will also include some retail and restaurants. The George of course is in recognition to the previous owner of the closed liquor store. The project is intended to be sometime early 2017 at a cost of somewhere near $23 million.
- Memorial Drive Linear Park – While not completely finalized Atlanta urban planners would like to turn the lengthy strip of land that is approximately 14 acres in size, into a park. The park would stretch from the connector all the way to Oakland Cemetery with its’ width being between Memorial and MLK Dr. The project has not been announced as to the projected date to be done but is in the plans of the areas future if all goes well.
These are just some of the major developments in the Memorial drive transformation area! So if you are an investor, or a person that wants to move into an up and coming area where growth and increased values are likely, contact me to be placed on a mailer to see property listings in and around this area to stay up to date with houses and property that may be an option for YOUR future property ownership!