ATLANTA, GA, September 24, 2014 – In a historic move that is destined to redefine Doraville and the northeast Atlanta area, IMS, a Joint Venture between The Integral Group, as manager, and Macauley+Schmit, and its Houston-based Capital Partner, CAMS, announced today that they have closed on the 165-acre manufacturing site formerly owned by General Motors.
Although no dollar amount was released on the purchase, financing for the transaction was provided by Ardent Capital. Egbert Perry, Integral’s Chairman and CEO, and the team’s Principal, said, “This is an incredible regionally significant opportunity. We appreciate all of Mayor Pittman’s hard work to help make this happen. We all recognize that the purchase of this property from General Motors provides a chance to connect dots that can help to unite portions of our region. So, now the real work begins.”
The City of Doraville is keenly aware of the opportunity to develop a compelling identity for itself and re-establish the city as an important part of the region’s economic landscape. Doraville Mayor Donna Pittman noted, “It has been a pleasure working with the development team over the past two years. We have been down the road with many other potential partners since 2008, and, finally, we have made it to the finish line. Just as important has been their willingness and commitment to engage with us.
With the completion of this acquisition, we now have an opportunity to leverage the redevelopment of this site to generate tremendous economic development impact, along with a wide range of jobs, for the benefit of the citizens of Doraville, DeKalb County, the surrounding jurisdictions and the state. We are committed to partnering broadly on this important effort.”
“This is truly an historic opportunity to create a connected and walkable mixed-use community of the highest caliber for the Atlanta region,” said Christopher H. Martorella, the Integral partner that will be responsible for the project’s implementation. Three miles east of Perimeter Center, seven miles north of Buckhead and in the center of the North Atlanta communities of Brookhaven, Chamblee, Dunwoody, Sandy Springs, Norcross, and Tucker, the site has been described as “the hole in the donut.” With ready access to rail, bus, auto, MARTA and Peachtree DeKalb Airport, public investment that connects the 165-acre site to other parts of the region will pay significant dividends.
“Over the past two and one half years, we have come to appreciate just how unique an opportunity this is for our region. We anticipate that our final vision will have many of the elements that came out of the public engagement process that the City of Doraville commissioned through the Atlanta Regional Commission three years ago, and which resulted in a Livable Centers Initiative (“LCI”) document,” said David J. Schmit, a partner in the transaction. “The vision is one of a regionally transformational, environmentally sustainable, socially responsible, and economically successful development.”
The key attributes of the site and the core of the vision are:
- Connectivity to MARTA; as MARTA positions itself to expand its reach throughout the region;
- Close proximity to the key growth areas at Perimeter Center and Buckhead; three and seven miles respectively, as well as proximal MARTA connectivity to the Brookhaven, Dunwoody, Chamblee, Buckhead, Midtown and Downtown stations;
- Proximity to Peachtree DeKalb Airport (PDK), the second busiest airport in Georgia, increasing the appeal to potential national and international companies;
- Proximity to CDC and a host of other health care clinical, teaching and research assets in Pill Hill, including Northside, Children’s at Scottish Rite, and Saint Joseph’s hospitals;
- Ready access and connectivity to the major research universities and the technology and biotech nodes;
- A large, diverse and growing international population;
- Rail access; a special advantage to certain advanced manufacturing and other users;
- Approximately 1/2 mile of frontage on I-285 in addition to immediate access to Peachtree Industrial Boulevard and Buford Highway; More than 2.5 million cars passed the site on I-285 in 2013; and
- The largest site inside the Perimeter with all of the elements of a true multi-modal origin and destination.
A small group of the country’s most talented and creative architecture firms are vying for the opportunity to be a part of this tremendous opportunity. The planning partner will be announced in late September with the development of a comprehensive master plan beginning shortly thereafter. Deconstruction of the buildings will take place over the next eight months, with site development to follow.
* Information above from supplied release reformatted for publication